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Electronic
Funds Transfer (EFT) Agreement and
Disclosure
In
reference to the agreement you will be asked
to sign the words
"I, you, and your" refers to you
(borrower) as a participant associated with
Hot Payday Cash loan Program. The words
"us, we, and our" refers to Hot
Payday (lender).
You will be authorizing
for those single or multiple entries
necessary to complete the original entries’
authorization amount and may be resubmitted
if the original entry is returned by your financial institution. In the
event the EFT is returned unpaid, an
additional $20.00 Return Fee or maximum
legal amount may be electronically
withdrawn.
It is the policy of Hot
Payday to expedite all debits and credits as
soon as possible upon approval; however,
unavoidable delays can result with the
processing company as a result of
inadvertent processing errors, “acts of
God”, etc. Normal processing time should
not exceed two (2) business days under most
circumstances but may exceed that in
extraordinary circumstances.
Pre-Authorized
Electronic Funds Transfer Payments
With the EFT
agreement you will be asked to sign,
which is part of the Hot Payday's Agreement,
you will be authorizing Hot Payday, to
initiate debit/credit entries to your account for all payments due,
including any returned unpaid item fees due,
on which the subject of this agreement is
drawn and the Financial Institution in which
the account is held to debit/credit the same
to such account. This authority is to remain
in full force and effect until Hot Payday and
Advantage ACH have received
written notification from you of
its termination in such time and in such
manner as to afford Hot Payday and Advantage
ACH a reasonable
opportunity to act on it. You (as the
customer) understand that you may cancel
this authorization by providing written
notice to Hot Payday at least five (5)
business days prior to the payment due date.
You understand that canceling your
authorization does not relieve you of the
responsibility of paying your account in
full.
Furthermore,
you will be authorizing Hot Payday (and its EFT
Processor) to make electronic funds
transfers (EFT), both debit and credit
entries, to and from any bank account of
yours at any institution, from time to
time, for fixed and variable amounts.
If your payment
is returned to Hot Payday as uncollected for
ANY REASON, Hot Payday will pursue
collection efforts immediately. If Hot
Payday is unsuccessful in attempts to
resolve an uncollected account balance with
you, you will be
responsible for all additional costs
associated with the attempt by Hot Payday to
collect any outstanding balance of this cash
loan and fees, including, but not
limited to, any fees or charges associated
with bank NSF or returns, collection agency
fees, attorney’s fees, court cost fees,
costs of being served (notice of small
claims action), pre-and post-judgment
interest, any costs associated with the
execution or application of wage
garnishment, etc. You as the customer
understand and agree that it is fair and
reasonable for Hot Payday to employ the
services of an attorney to represent Hot
Payday in court due to our remote location,
even in any resulting small claims action
that you will be responsible for these fees.
In addition, your
delinquent account status is reported to
Tele-Track (a consumer reporting service)
and to a national credit bureau as an
uncollected debt in default, which will
appear on your credit bureau
file for such time as permitted by federal
and state law.
Your Promise To Pay
*These terms
are required of you when you are approved
for a cash loan.
You promise to pay us the
Amount Financed, the Finance Charge and
other permitted charges according to the
Federal Truth-In-Lending Disclosures. You
acknowledge and agree that you are indebted
to us in the amount of the Total of
Payments, and that the amounts set forth in
the Federal Truth-In-Lending Disclosures are
not in dispute and that you do not have any
defense to the payment of such amounts.
You promise to pay to us or
to our order by your binding electronic
signature in one payment on the date
indicated in the payment schedule, or if
extended payment request was submitted and
processed, the total of payments on or after
the next date of your cash loan comes due.
You authorize us to effect this payment by
one or more ACH debit entries to your
account of your financial institution (bank
or credit union) until this cash loan
note is paid in full.
You promise to keep open and
maintain an adequate balance in your account
to assure all payments are made to us in a
timely manner on and up to five (5) days
after the scheduled due date(s), until this
cash loan note is paid in full. If Hot
Payday is unable to collect payment from
your provided account for any reason to
effect debit entries as agreed, you promise
to pay us all sums you owe immediately, by
mailing your payment using overnight
delivery in the form of a cashiers check or
money order to our payment processing
center.
These transactions shall be
made in the
State
of
Utah
and
Utah
Laws
shall
govern all aspects thereof.
*REGISTERED WITH THE UTAH STATE
DEPARTMENT OF FINANCIAL INSTITUTIONS
(Be sure you fully understand the Hot Payday
program and procedures before submitting
your forms for acceptance. If you are
unsure, please take time to review or
contact a customer service representative to
answer any questions you may have.) |
