Common use of Failed or Returned Transactions Clause in Contracts

Failed or Returned Transactions. In using the Service, you are requesting the Service to make payments for you from your Payment Account. If we are unable to complete the transaction for any reason associated with your Payment Account (for example, there are insufficient funds in your Payment Account to cover the transaction), the transaction may not be completed. In some instances, you will receive a return notice from the Service. In such case, you agree that: a. You will reimburse the Service immediately upon demand any transaction amount that has been returned by the Service; b. We may impose a late charge equal to 1.5% monthly interest or the legal maximum, whichever rate is lower, for any amounts not reimbursed to the Service within fifteen (15) days after the initial notification; c. You will reimburse the Service for any fees and charges imposed because of the return; d. You will reimburse the Service for any fees or costs incurred in attempting to collect the amount owed; and, e. The Service is authorized to report the facts concerning the return to any credit reporting agency.