Processing Timeframes for the Payment Service Sample Clauses

Processing Timeframes for the Payment Service. You agree that when you use the Payment Service to initiate a payment from your transaction deposit account, we will begin to process the payment and debit your account as early as the day you initiate the payment instruction. Depending on the payment method, funds may be transferred into the payee’s transaction deposit account as early as the day you initiated the payment instruction. When you use the Payment Service to initiate a payment to your transaction deposit account, you acknowledge that there may be a delay between the time you are notified of the pending payment instruction and the deposit of the payment funds into your account, and you may be required to take additional steps to facilitate the deposit of the payment of funds into your deposit account. The bank may place a 3 day hold on deposited funds into your account. In the event that funds are transferred into your transaction deposit account as a result of a payment instruction and it is determined that such transfer was improper because it was not authorized by the Sender, for any reason, you hereby authorize us to withdraw from the account an amount equal to the amount of funds improperly transferred to you.