Echeck Form For Occams Wealth
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Payment Memo
A) By signing this form I give Occams Wealth permission to debit my bank account for through either an electronic debit or a remotely prepared check on or after .This is permission for a single transaction, and does not provide authorization for any additional unrelated debits or credits to my account.
B) I waive all my rights to have my or the Occams Wealth financial institution charge-back a remotely created check or an electronic debit of the above amount.
C) I understand and agree that any breach of #B abovemay have legal repercussions, not limited to but including a stipulated minimum $250 additional fee to cover bank fees and collection costs.
D) I understand that because this is an electronic transaction, these funds may be withdrawn from my account as soon as the above noted Authorization Date. In the case of the payment being rejected for Non Sufficient Funds (NSF) I understand that Occams Wealth may at its discretion attempt to process the charge again within 30 days, and I agree to an additional $35 charge for each attempt returned NSF, which will be initiated as a separate transaction from the payment authorized above. I acknowledge that the origination of an electronic transaction to my bank account must comply with the provisions of applicable regulations. I will not dispute Occams Wealth’s billing with my bank so long as the transaction corresponds to the terms indicated in this agreement.
The Check Clearing for the 21st Century Act (Check 21) was designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation.Check 21 was signed into law on October 28, 2003 and became effective on October 28, 2004.
Check 21 authorizes the use of a negotiable instrument called a substitute check. Check 21 provides the legal framework for the creation of substitute checks, which can be used in place of the original paper document,without an agreement in place with other financial institutions.
The substitute check is a paper reproduction of the original check that must (1) contain an image of the front and back of the original check; (2) bear a MICR line containing all the information appearing on the MICR line of the original check; (3) conform, in paper stock, dimension, and otherwise, with generally applicable industry standards for substitute checks; and (4) be suitable for automated processing in the same manner as the original check.
A substitute check is the legal equivalent of the original check if it (1) accurately represents all the information on the front and back of the original check at the time the original was truncated and (2) bears a legend that states “This is a legal copy of your check. You can use it the same way you would use the original check.”
Check 21 requires financial institutions to accept a substitute check from a presenting institution and grant it equivalent status as the original check, if the substitute check meets prescribed requirements.
Check 21 requires a reconverting bank to meet the warranties and indemnities enacted through the legislation and subsequent regulations.
Check 21 requires financial institutions to provide education to individual consumers on substitute checks and consumer re-credit rights.
Document Name: Echeck Form For Occams Wealth
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