Common use of Payment by Automatic Debit Clause in Contracts

Payment by Automatic Debit. Borrower hereby authorizes Lender to automatically deduct the amount of all principal and interest payments from account number 0547-517821 at Lender's Pacific Avenue branch. tf there are insufficient funds in the account to pay the automatic deduction in full, Lender may allow the account to become overdrawn, or Lender may reverse the automatic deduction. Borrower will pay all the fees on the account which result from the automatic deductions, including any overdraft and non-sufficient funds charges. If for any reason Lender does not charge the account for a payment, or if an automatic payment is reversed the payment Is still due according to this note. If the account is a Money Market Account, the number of withdrawals from that account is limited as set out in the account agreement. Lender may cancel the automatic deduction at any time in its discretion. Provided, however, if no account number ts entered above, Borrower does not want to make payments by automatic debit.

Payment by Automatic Debit. [X] Borrower hereby authorizes Lender to automatically deduct the amount of all principal and interest payments from account number 05470747-517821 235018 at Lender's Pacific Avenue Bellevue Main branch. tf If there are insufficient funds in the account to pay the automatic deduction in full, Lender may allow the account to become overdrawn, or Lender may reverse the automatic deduction. Borrower will pay all the fees on the account which result from the automatic deductions, including any overdraft and non-sufficient funds charges. If for any reason Lender does not charge the account for a payment, or if an automatic payment is reversed reversed, the payment Is is still due according to this note. If the account is a Money Market Account, the number of withdrawals from that account is limited as set out in the account agreement. Lender may cancel the automatic deduction at any time in its discretion. Provided, however, if no account number ts is entered above, Borrower does not want to make payments by automatic debit.