Borrower authorizes all payments, including principal, interest and other amounts which may become due, to be collected by Lender by electronic withdrawal from Borrower’s checking or savings account as an automated clearing house (“ACH”) transaction. Each withdrawal by Lender will appear on the bank statement for the Account as an “ACH Debit” or similarly styled transaction. Loan payment history can be viewed online via the Lender’s website. Borrower agrees that no prior notice of a withdrawal will be given by Lender.
Borrower acknowledges that this authorization will remain in effect until all amounts due are paid in full. Borrower agrees to maintain the Account and to not close the Account or modify the Account information without prior notice to and consent from Lender.
Borrower agrees that if an ACH withdrawal from the Account by Lender is rejected due to insufficient funds in the Account, Lender may at its discretion attempt to initiate the ACH withdrawal again on the same or any following day. For each of Lender’s ACH withdrawals that are rejected due to insufficient funds in the Account, a charge of $35.00 will be payable to Lender, which may be collected by separate ACH withdrawals from the Account initiated by Lender.
Borrower acknowledges that the initiation of ACH withdrawals from the Account must comply with the requirements of applicable state and federal law.