Common use of Pre-authorized Transfer FROM Your Account Clause in Contracts

Pre-authorized Transfer FROM Your Account. You may pre-authorize an electronic funds transfer from one of your accounts to a designated recipient account. Authorization must be in writing. A copy of your authorization may be provided by the recipient of the transfer. If you have told us in advance to make such regular payments, you may stop payment of any pre-authorized transfer by notifying us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer. Written confirmation of your stop order must be made by you within fourteen (14) days of the oral notification or the stop payment order will not be binding. If this regular transfer from your account may vary in amount, the person you are going to pay will tell you ten days before each payment.