Unauthorized Transactions and Other Errors Clause Samples
The "Unauthorized Transactions and Other Errors" clause defines the procedures and responsibilities related to handling transactions that were not authorized by the account holder or that involve mistakes, such as incorrect amounts or duplicate charges. Typically, this clause outlines how customers should report such incidents, the timeframe for notification, and the process the service provider will follow to investigate and resolve the issue. Its core function is to protect both parties by establishing clear steps for addressing errors and unauthorized activity, thereby minimizing financial loss and ensuring accountability.
Unauthorized Transactions and Other Errors. When an Unauthorized Transaction or Error occurs in your account, PayPal will cover you for the full amount of every eligible Unauthorized Transaction or Error, subject to the terms of the User Agreement. For the purpose of Unauthorized Payments, “Essential Component” (misuse of which by an unauthorized person may constitute an Unauthorized Transaction) means: • The PayPal account password or PIN or a combination of the username and password or a phone number and PIN. • Your device on which you have either o enabled One Touch service (which is a service that enables faster login to the PayPal account without the need to re-enter the password for every payment) o enabled login to your PayPal account through a third-party service such as “Sign in with Google”; or o enabled biometric authentication (such as fingerprint); • Note that some of the above login options may not be available to you.
Unauthorized Transactions and Other Errors. The Financial Institution shall provide the Member with advices describing each Payment Order paid or executed on behalf of the Member. Such advices shall be mailed not later than the business day following the day of execution or payment to a beneficiary of a Payment Order or as determined by the Financial Institution in its discretion. The Member shall notify the Financial Institution of any discrepancy between the Payment Order and the related funds transfer, or of any unauthorized transaction or other error on the next business day following receipt of any advice or within thirty (30) calendar days of the delivery or mailing by Financial Institution (whichever occurs first) of any statement of account relating to the Authorized Account, whichever is earlier, which time limits Member agrees are reasonable. If notification of an unauthorized transaction or other error is communicated orally, it shall be confirmed promptly in writing. The Member will be deemed to have received any advices and statements of account that are mailed by the Financial Institution five (5) business days after such mailing. The Financial Institution shall have no liability to the Member for any loss or damage sustained by the Member arising out of any Payment Order referenced in a statement of account for the Authorized Account or in an individual advice, and no legal proceeding or action shall be brought by Member against Financial Institution to recover such loss or damage, unless (a) Member shall have given the written notice as provided for herein, and (b) such legal proceeding or action shall be commenced within the period established by UCC 4A. Member waives any right to seek or enforce payment of attorneys’ fees related thereto.
Unauthorized Transactions and Other Errors. We will provide you with electronic notifications describing each Payment Order paid or executed on behalf of you. Such notifications will be made available no later than the business day following the day of execution or payment to a beneficiary of the Payment Order or as determined by us in our discretion. You shall notify us of any discrepancy between the Payment Order and the related funds transfer, or of any unauthorized transaction or other error on the next business day following receipt of any notification or within 14 calendar days of the delivery or mailing by us (whichever occurs first) of any periodic statement of account relating to the Authorized Account, whichever is earlier, which time limits you agree are reasonable. If notification of an unauthorized transaction or other error is communicated orally, it shall be confirmed promptly in writing. You will be deemed to have received any advices and statements of account that are mailed by us three business days after such mailing. We shall have no liability to you for any loss or damage sustained by you arising out of any Payment Order referenced in a statement of account for the Authorized Account or in an individual notification, and no legal proceeding or action shall be brought by you against us to recover such loss or damage, unless (a) you have provided the written notice as provided for herein, and (b) such legal proceeding or action shall be commenced within the period established by UCC 4A. You waive any right to seek or enforce payment of attorneys’ fees related thereto.
Unauthorized Transactions and Other Errors. (a) (b) Duty to Review Statements. You are required to promptly review each account statement and you are encouraged to review your accounts daily. An Account statement shall be deemed received on the date actually received, though no later than two (2) calendar days after it is made available or delivered by mail, e-mail, e-Statements, or through the Services, regardless of how or if actually accessed or received. Reporting of Unauthorized Items. If you detect an unauthorized transaction, discrepancy, or error (collectively, an “unauthorized item”), you must promptly notify us. The terms, conditions, and time frames relative to reporting unauthorized items and the consequences for failing to promptly notify us of unauthorized items is detailed in your Deposit Account Agreement or, if applicable, the EFT Disclosure (for Consumer Customers). By using the Services and continuing to maintain your Account, you agree that the terms and conditions, and related time frames, are commercially reasonable. Notifying us. You may notify us in person, by telephone, or by mail. The telephone number and address of the person or office to be notified when you believe that an unauthorized transaction has been or may be made are set forth in the Contact page of our website.
Unauthorized Transactions and Other Errors