I hereby authorize SCE Federal Credit Union (SCE FCU), to electronically debit my external account (and if necessary, to electronically credit my external account to correct erroneous debits) at the financial institution designated in the “Pay From” field, in order to make a payment on my SCE FCU loan as specified above.
I understand that the following terms and conditions apply to this authorization:
My external account at the other financial institution will be debited (charged) and funds will be credited to my SCE FCU loan. I acknowledge that it is my responsibility to ensure that sufficient funds are on deposit in my account at the other financial institution on my loan payment scheduled date to make the payment as scheduled. In the event that funds are not available in my account at the other financial institution and the entry is returned, SCE FCU will impose a returned payment fee as outlined in your Fees & Charges and it is my responsibility to re-initiate the transaction or make a payment by other means.
I understand that payments to my SCE FCU loan may be scheduled for the same day until 6pm PT, Monday through Friday; payments submitted after 6pm will be processed as early as the next business day or any future business date you designate. The debit to my external account may take 1 to 2 business days to process. If the due date for my transfer falls on a weekend or a holiday, the transaction to credit my loan and to debit my external account will begin processing the next business day.
Payments made using this service may not exceed $25,000 and you may not pay more than two payments to one loan on the same day. The maximum number of payments that may be applied during a 28-day period is five (5). Payments in excess of $5,000 made to unsecure loans or personal lines of credits may not be immediately available for use although the payment will be applied to your loan balance on the processing date. Your available credit may not be increased for the amount of the payment for up to 5 business days to allow us time for processing.
SCE FCU is relying on the information I entered above. If the information is incorrect, the debit may be returned, which could result in my payment being late and a fee imposed.
I understand that this ACH transaction must comply with all applicable law. This authorization will remain in effect unless/or until I notify SCE FCU that I have revoked it. Notice must be given by completing the “change or cancel transaction” in the Online Payment section of the online banking service at least three (3) days before the effective date of the payment. I can also stop payment by notifying the financial institution that holds the account from which payment will be debited.
If any payment is rejected or is reversed for any reason, that payment will be reversed on my loan and I will be responsible for making payment to the Credit Union separately.