Stop Payment Rights definition

Stop Payment Rights. If you have arranged in advance to make electronic fund transfers out of your account(s) for money you owe others, you may stop payment on preauthorized transfers from your account. You must notify us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to be made within 14 days of any oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease to be binding 14 days after it has been made. A stop payment request may apply to a single transfer, multiple transfers, or all future transfers as directed by you, and will remain in effect unless you withdraw your request or all transfers subject to the request have been returned.
Sample 1
Stop Payment Rights. If you have arranged in advance to make regular EFTs out of your account(s) for money you owe others, you may stop payment of preauthorized transfers from your account. You must notify us orally or in writing at any time up to (3) business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to be made within fourteen (14) days of oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease to be binding fourteen (14) days after it is made.
Sample 1

Examples of Stop Payment Rights in a sentence

  • STOP PAYMENT RIGHTS: If you have arranged in advance to make regular EFTs out of your account(s) for money you owe others, you may stop payment of preauthorized trans- fers from your account.

  • STOP PAYMENT RIGHTS If you have arranged in advance to make regular electronic fund transfers out of your account(s) for money you owe others, you may stop payment of preauthorized transfers from your account.

  • STOP PAYMENT RIGHTS: If you have arranged in advance to make regular EFTs out of your account(s) for money you owe others, you may stop payment of preauthorized transfers from your account.

  • PREAUTHORIZED EFT STOP PAYMENT RIGHTS If you have arranged in advance to make regular electronic fund transfers out of your account(s) for money you owe others, you may stop payment of preauthorized transfers from your account.

Related to Stop Payment Rights