Right to Stop Payment. Under the EFTA you have certain stop-payment rights and obligations for "preauthorized electronic fund transfers". A PEFT is an electronic fund transfer that is authorized in advance and is scheduled to recur on a periodic basis. One-time transfers authorized in advance, however, are not PEFTs and are instead governed by Section 10.2.
Appears in 4 contracts
Sources: Internet Banking Agreement, Internet Banking Agreement, Internet Banking Agreement
Right to Stop Payment. Under the EFTA you have certain stop-payment rights and obligations for "preauthorized electronic fund transfers". A PEFT is an electronic fund transfer that is authorized in advance and is scheduled to recur on a periodic basis. One-time transfers authorized in advance, however, are not PEFTs and are instead governed by Section section 10.2.
Appears in 1 contract
Sources: Online Banking Agreement