Define: Debit Transfer

How is debit transfer defined in a legal contract?

• debit transfer means a series of transfers initiated by the payee, based on the consent of the payer, to the payee's payment service provider or to the payer's own payment service provider. This includes any payment order issued by the payee's bank or payment service provider, or an intermediary meant to execute the payee's order. Seen in 9 SEC filings
• debit transfer means a payment transaction initiated by the payee, based on the authority of the payor, directing the payee's bank to collect money from the payor's account. Seen in 3 SEC filings
• debit transfer means a payment transaction initiated by the payer, based on the authorization of the payer, ordering the payer's bank to withdraw money from the payer's account. In a debit transfer, the initiator is the payee, the initiating bank is the payee's bank, the destination bank is the payer's bank and the recipient is the payer. Seen in 1 SEC filing
• debit transfer means a payment transaction initiated by payee's payment order, based on the payor's authority, instructing the payee's bank to collect money from the payor's account. In a debit transfer, the originator is the payee, the originating bank is the payee's bank, the destination bank is the payor's bank, and the receiver is the payor. Seen in 1 SEC filing.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of debit transfer' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Debit Transfer means a sequence of transactions, initiated by the payee with the payer's consent, instructing a transfer of funds through payment service providers.

Relevant Contract Types

• Payment Service Agreement
• Account Services Agreement
• Transaction Agreement

Relevant Circumstances

• Regular payment transactions between a payer and payee
• Transactions involving financial organizations
• Any arrangement that calls for multiple transactions

Relevant Sectors

• Finance
• Retail
• Fintech

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Genie Definition 2

• Debit Transfer means a payee-originated permission to collect money from the payer's account.

Relevant Contract Types

• Subscription Agreement
• Service Agreement
• Automatic Payment Authorization Agreement

Relevant Circumstances

• Recurring payment arrangements, e.g., subscription services
• In situations where payee has been granted authority to initiate a payment transaction
• Applicable to any contractual arrangement where direct debit is applicable

Relevant Sectors

• E-commerce
• Software as a Service (SaaS)
• Telecommunications

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