This ELECTRONIC FUNDS TRANSFER AGREEMENT by and between the above named business ("MERCHANT") and PALM BEACH FINANCIAL EXCHANGE, INC. ("PBFE"), becomes effective upon the MERCHANT's signature being affixed hereto.
MERCHANT hereby authorizes PBFE in accordance with this Processing Agreement to initiate debit/credit entries to the MERCHANT customers' checking accounts, savings accounts, and/or credit cards for the purposes of rendering payment for MERCHANT's goods and/or services.
MERCHANT is solely responsible for any and all activity to the MERCHANT customers' checking, savings accounts, and/or credit cards and in no manner or form shall PBFE be liable for any entry to said accounts. PBFE acts merely as the processing agent for MERCHANT and conducts all activities based upon the instructions of MERCHANT. This Authority is to remain in full force and effect until PBFE has received written notification from MERCHANT of its' termination in such a manner as to afford PBFE reasonable opportunity to act on said termination and all obligations of Merchant to PBFE that have arisen under this AGREEMENT have been paid in full including but not limited to, those obligations of outstanding returns for non collectable debits. MERCHANT's Reserve account balance will be disbursed 60 days after MERCHANT's last debit.
PBFE reserves the right to terminate this Agreement at any time. For Value Received, and in consideration for the undertakings contained in the ELECTRONIC FUNDS TRANSFER AGREEMENT by and between MERCHANT and PBFE, the undersigned jointly, and severally if more than one, unconditionally guarantees to PBFE, its successors and assigns, the full and prompt payment when due of all of the obligations of every kind and nature of MERCHANT arising directly or indirectly out of this Agreement or any document or agreement executed and delivered by MERCHANT in accordance with the terms of this Agreement. The undersigned further agrees to pay PBFE all expenses (including attorneys' fees and court costs) paid or incurred by PBFE including such obligations, and enforcing this Guaranty. This Agreement and Guaranty shall be governed in accordance with the laws of the State of Florida.
TERMS AND CONDITIONS
Terms and Conditions governing this agreement between the Merchant (the Originator) named in this Electronic Funds Transfer Agreement and PBFE and its officers, employees, affiliates, licensees and agents:
WHEREAS: Merchant desires PBFE, and PBFE agrees, to provide Automated Clearing House (ACH) and/other merchant services to Merchant as indicated in this agreement. Transactions are placed through PBFE as third party ACH transactions, paper draft or IRD checks. PBFE will send all transactions through an Origination Depository Financial Institution (ODFI) in accordance with the terms of this Agreement, the Operating Rules (Rules) of the National Automated Clearing House Association (NACHA) and the applicable Federal Regulations governing ACH transactions. Entry or Entries shall mean either Credit Entries, a Debit Entries, a paper draft or an IRD as appropriate. Merchant also agrees to comply with all rules at the time each entry is initiated by the Merchant with respect to the most recent NACHA operating rules and that each entry shall in no way breach any Federal, State, or Local statute of regulation pertaining to and for electronic funds transfers, including the Electronic Funds Transfer Act and Regulation E, and all other applicable laws and regulations. Merchant understands that a violation of any NACHA rules may result in fines issued by NACHA for said violations and said fines will be passed on to Merchant. You will comply with PBFE’s requests for record retention and signature authorization. You grant to PBFE or our designee the right to audit these authorizations and your record retention compliance, at no expense to us.