Common use of Payment Instruction Clause in Contracts

Payment Instruction. When you initiate a payment Instruction through Online and Mobile ▇▇▇▇ Pay, you authorize us, or our agent, to withdraw the necessary funds from the specified eligible checking account. The Business Day your payment Instruction will be processed (i.e., the Business Day we debit your account for the payment and initiate or mail the payment) is called the "Withdrawal Date." Because of the time it takes to process and send a payment to a payee, there will be a delay between the Withdrawal Date and the date you schedule the payment to be delivered to the payee ("Delivery Date"). You can obtain an estimate of the number of Business Days it will take to process the payment by looking up the payee on your Payee List. Add a new payee to your Payee List by navigating to "Add a Payee". To provide adequate time for payments to be received by a payee, the date you select as the Delivery Date must be no later than the date your payment is due, excluding any applicable grace periods. (a) cancel the ▇▇▇▇ payment, which means that your payment will not be made; or (b) make the ▇▇▇▇ payment and debit your account for the full payment amount. The Bank will notify you via Internal Electronic Messaging, email and/or U.S. mail if your payment does not process on the Withdrawal Date and if your payment does not process on the second attempt.