Common use of Payment Service Clause in Contracts

Payment Service. The Payment Service enables you to initiate payments from your eligible bank transaction deposit account(s) to a person or entity that maintains a transaction deposit account at another U.S. financial institution and receive funds from a person or entity that maintains a transaction deposit account at another U.S. financial institution into your transaction deposit account. Prior to completing any transfer, however, the Third Party will be required to take additional steps to facilitate and/or confirm the transfer of funds to or from your transaction deposit account, and the transfer will not be completed until we are satisfied that such additional steps have been taken.