PPD - Prearranged Payment and Deposit Clause Samples

PPD - Prearranged Payment and Deposit o Direct Deposit - The transfer of funds into a consumer's account. Funds being deposited can represent a variety of products, such as payroll, interest, pension, dividends, etc. o Direct Payment - Preauthorized payment is a debit application. This includes recurring bills that do not vary in amount -- insurance premiums, mortgage payments, charitable contributions, and installment loan payments or standing authorizations where the amount does vary, such as utility payments. *The above SEC Codes are the most commonly-used and not an all-inclusive list. • Internet transmissions The Member may electronically transmit files to UVACCU via the Commercial On-line Banking System. • Format and content of entries All files must be submitted in NACHA format. The Member should refer to Appendix Two in the NACHA Rulebook for specific formatting details. • Timing of delivery Processing Deadline for: Transmission of a File – until 3:00 p.m. Eastern Time (Standard or Daylight) two (2) business days prior to Effective Date* Transmission of a File – until 3:00 p.m. Eastern Time (Standard or Daylight) one (1) business day prior to Effective Date* *“Effective Date” must be a Business Day or the file will be processed on the first business day following the effective date. Member is responsible to strictly establish and to maintain procedures to safeguard against unauthorized transactions. Member warrants that no individual will be allowed to initiate transfers in the absence of proper supervision and safeguards, and agrees to take reasonable steps to maintain the confidentiality of the security procedures and any passwords, codes, security devices, and related instructions provided by UVACCU. If Member believes or suspects that any such information has been accessed by an unauthorized individual, Member will verbally notify UVACCU immediately, followed by written confirmation. The occurrence of such notification will not affect any transfers made in good faith by UVACCU prior to the notification and within a reasonable time period to prevent unauthorized transfers.

PPD - Prearranged Payment and Deposit o Direct Deposit - The transfer of funds into a consumer's account. Funds being deposited can represent a variety of products, such as payroll, interest, pension, dividends, etc. o Direct Payment - Preauthorized payment is a debit application. This includes recurring bills that do not vary in amount -- insurance premiums, mortgage payments, charitable contributions, and installment loan payments or standing authorizations where the amount does vary, such as utility payments. The above SEC Codes are the most commonly-used and not an all-inclusive list. Financial Institution has identified specific restrictions on the types of ACH transactions that may be originated in Schedule F to this Agreement.