Common use of Stop Payment Service Clause in Contracts

Stop Payment Service. This stop payment service is a Service subject to the terms and conditions of the Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed in the Agreement. Customer may use the stop payment service to stop payment of any paper checks drawn on its checking accounts with Bank (the “Checking Accounts”), as provided herein. Customer may stop payment of a paper check drawn on a Checking Account (the “Check”) by entering the required information that Bank may request on AuburnBank Online, as more particularly described in Section 2 below. To be effective, Bank must receive any stop payment order in time for Bank to have a reasonable opportunity to act on the order before the earlier of the time the Check has been paid by Bank or Bank’s stop payment cutoff time, and by paying the Bank’s stop payment service fee. Bank’s stop payment cutoff time is 5:00 p.m. Central Time on the Banking Day on which Bank receives the Check or noon Central Time on a Banking Day during which Bank closes prior to 5:00 p.m. Central Time. Customer and Bank agree to conduct this Service electronically and intend that stop payment orders transmitted by AuburnBank Online be considered written stop payment orders. Customer may issue stop payment orders without using AuburnBank Online, as provided in the Account Agreement. Payments and funds transfers issued by other means, whether initiated using the AuburnBank Online Service or outside of its functionality, cannot be stopped using this stop payment service. Customer understands that the stop payment service works only with paper checks issued by Customer and that Bank cannot process a stop payment order transmitted by AuburnBank Online for ACH transactions, debit card transactions or other electronic items.