Common use of Extra Debit Payment Service Clause in Contracts

Extra Debit Payment Service. When you complete a transaction using your Debit Card, Extra deposits funds into your Funding Source in the form of advances made by Extra on your behalf pursuant to these Terms (the “Extra Debit Payment Service” or “EDPS”). Extra is not a lender and does not provide loans. The EDPS and related Extra Services provide access to spending availability for use in Debit Card transactions in the form of Spend Power (as defined below in Section 1.b.iv). You acknowledge and agree that you are obligated to repay funds that Extra advances on your behalf pursuant to the EDPS and that your history of successful or failed repayments of such advanced funds will be reported to one or more credit reporting agencies. By agreeing to these terms, you consent to our evaluating whether you are qualified to use Extra’s Services, including the EDPS. We do not charge interest on amounts advanced on your behalf pursuant to the EDPS although fees may be assessed on your use of the Debit Card pursuant to the terms of the Debit Card Cardholder Agreement.