TERMS & CONDITIONS OF checXchange™ AGREEMENT
Company authorizes Money Transfer Systems, Inc. (MTSI) to re-present all return check items forwarded to MTSI by Company or Company’s bank(s) in accordance with the Electronic Funds Transfer Act of the Federal Reserve Governing Board. Company authorizes MTSI to originate an electronic debit for a separate Non Sufficient Funds fee, an amount posted by the Company and agreed by the check writer. This fee shall not exceed the maximum amount allowed by applicable state laws. I authorize MTSI to initiate credit/debit entries for collected checks equal to the agreed upon sum in the terms on this agreement. I acknowledge that the origination of ACH transaction(s) to my account must comply with the provisions of U.S. Law. Company agrees to complete Bank Authorization form provided by Money Transfer Systems and forward to the bank(s) utilized by Company so that all returns shall be forwarded to Money Transfer Systems after first presentation.
Company agrees to display Decal supplied (or equivalent language if utilizing invoices, agreements, etc.) to Company by Money Transfer Systems at all point of sale locations at all times.
Money Transfer Systems will be allowed thirty (30) days from the date of receipt of a return check item to complete their electronic re-presentment process. If this Agreement is terminated for any reason, Money Transfer Systems will retain the right to complete their electronic re-presentment process for all returned check items forwarded to Money Transfer Systems prior to said termination. Money Transfer Systems does not guarantee the collection or payment of any returned item presented to Money Transfer Systems for electronic re-presentment. However, Money Transfer Systems will provide its best efforts to collect company’s NSF checks. Money Transfer Systems makes no representation or warranty as to the collectivity or validity of any returned item. Money Transfer Systems retains the right to refuse to process any transaction submitted by Company. If any customer pays Company directly, the Company agrees to forward any return fees received to Money Transfer Systems. For checks collected electronically: Money Transfer Systems will pay the Company 100% of the face value of the check. Money Transfer Systems is authorized to assign this agreement to any parent, subsidiary, affiliate, or successor-in-interest and proper notice will be given to all parties involved. All reimbursements due to Company will be paid right after collected funds have settled. All disputes between Company and its customers relating to a check transaction shall be settled between Company and said customer. Company agrees to indemnify and hold Money Transfer Systems harmless from any claim, liability, loss or expenditure resulting from Company’s actions or in-actions, including but not limited to failing to obtain written authorizations or post notices as required by this Agreement. Notwithstanding the foregoing, Money Transfer Systems agrees to indemnify and hold Company harmless from any claim, liability or loss by Money Transfer Systems actions or in-actions while processing returned check items from Company. Any dispute between Money Transfer Systems and the Company shall be submitted to binding arbitration, to be conducted pursuant to the rules of the American Arbitration Association. Any arbitration proceedings will occur in Clearwater Florida, Pinellas County. Each party represents warrants and mutually agrees that all information concerning the other party which comes into its possession shall be maintained as confidential and shall not be used or divulged to any other party except as necessary to permit the activities contemplated under the agreement. Money Transfer Systems may advise potential users of its service that Company has a relationship with Money Transfer Systems. All transactions covered by this Agreement are governed by the Regulation CC and E established by the Federal Reserve Board, UCC Articles 3 and 4, The Electronic Funds Transfer Act and other applicable laws and regulations. Money Transfer Systems complies with the Gramm-Leach-Bliley Privacy Act, Public Law 106-102, Title V, governing the Disclosure of Nonpublic Personal Information – 15 USC, Subchapter I, Sec. 6801- 6810 and Fraudulent Access to Financial Information – 15 USC, Subchapter II, Sec. 6821-6827. If Company fails to comply with any term of this Agreement or any applicable laws or regulations cited in this Agreement, then Money Transfer Systems may terminate this Agreement immediately by giving notice to Company.
The Company may call Money Transfer at 1-800-208-2964 to discontinue the service at any time. Money Transfer Systems may change the terms of this Agreement at any time by giving company ten (10) days’ notice of said change. If company does not agree to the change then Company may terminate this Agreement. The laws of the State of Florida shall govern this Agreement.
All questions regarding this Agreement and electronic check processing should be referred to:
Money Transfer Systems, Inc.
P.O. Box 936
Dunedin, FL 34697
Office: (800) 208-2964 Fax: (727) 499-7003
Use of the check recovery services constitutes your agreement to the updated Terms and Conditions of Agreement.