“We,” “us,” and “our” mean the Issuer, our successors, affiliates or assignees. “You” and “your” mean the person or persons who have received the Card and are authorized to use the Card as provided for in this Agreement. In this case “charge” and “debit” have similar meanings.ĭirect Debit Request means the Direct Debit Request between Us and You.Ĭard Account means the records we maintain to account for the value of claims associated with the Card. If we debit money to you or debit money to your account, that money is then added to the unpaid balance and the unpaid balance becomes larger. The preferred option at Outline business case stage had a capital cost of £7.5 million and revenue of £1.5 million thus a £100k cash efficiency would be delivered to the service by the replacement of the existing equipment.Īt the end of the accounting period (month), use the records of each debit voucher (including EFT debit vouchers) and each deposit ticket applicable to only the current accounting period to prepare the detailed deposit activity report to support Section II, Part B of the SF 1219.ĪCH debit means any attempted or completed debit to a person’s account at a financial institution that is processed electronically through the Automated Clearing House Network.ĭirect Debit means a payment service for debiting a payer's payment account, where a payment transaction is initiated by the payee on the basis of the payer's consent given to the payee, to the payee's payment service provider or to the payer's own payment service provider ĭebit means a charge or an amount of money somebody must pay. If unsuccessful, the third party can re-attempt to collect the debit order from your account for a number of days or automatically present the debit order when a deposit is made into your account (so-called “tracking”).On the other hand, EFT debit orders are processed later in the day (on the date which you chose), mainly after normal business hours. If an EFT debit order is returned “Not provided for” on two consecutive mandated action dates the beneficiary or third party must remove the debit order from the system, unless they get a new instruction (mandate) from you for future payments. Stop payments on EFT debit transfers will remain in effect until the earliest of either your withdrawal of the stop payment order the return of the debit entry or six months from the date of the stop payment order, unless it is renewed in writing. The City provides payment facilities to suppliers either by cheque, electronic funds transfer (EFT), debit card and credit card. Requests to stop all future payments on an EFT debit transfer may require additional documentation to be supplied to us. If you request us to stop payment on a check you have written or on an electronic funds transfer (EFT) debit transfer, you will give written or other confirmation as allowed by us within 14 days of making the request.Ī stop payment on an EFT debit transfer will remain in effect until we receive a withdrawal of the stop payment request or the return of the debit entry(ies), whichever occurs first. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits ( EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges.
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