How is Auto Debit defined in a legal contract?
- Auto Debit means a process which includes Direct Debit, ECS Debit and/or NACH Debit as requested by the client in the application. Seen in 7 SEC filings.
- Auto Debit means a service where a user instructs an entity through an eWallet, to collect varying amounts of payment. Payments will be automatically deducted from the user's eWallet to the relevant entity. Seen in 6 SEC filings.
- Auto Debit means recurrent payments made via a Debit Card for various services that the bank may provide from time to time. Seen in 3 SEC filings.
- Auto Debit means an automatic payment method where the entity is permitted to directly debit payments from a bank account or a credit/debit card. Seen in 2 SEC filings.
- Auto Debit means a service that allows for automatic payments against outstanding dues on a card through auto debit facility, where funds are automatically transferred from your bank account to your card account on specific due dates. Auto Debit can be set for either Total Amount Due or Minimum Amount Due. Seen in 1 SEC filing.
- Auto Debit means the electronic debit of credit card payment dues to a specific account either for the Total Amount Due or Minimum Amount Due. 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 auto debit' yourself to verify these results. We are always keen to point people to source documents.
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.
Genie Definition 1
Auto Debit means a process permitting automatic scheduled transfers of [amount] from a [account type] to satisfy [payment type].
Relevant Contract Type
Relevant Circumstances
- Payment of subscription-based services
- Scheduled repayment plans for loans
- Regular payment for freelancing or contracted services
Relevant Sectors
Genie Definition 2
Auto Debit means a service enabling automated varied payments from a client's [account type] to a designated entity.
Relevant Contract Type
Relevant Circumstances
- Licensing of software or other digital services
- Regular payments for legal or consulting services
- Regular payments for purchased goods
Relevant Sectors
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Auto Debit means a process permitting automatic scheduled transfers of [amount] from a [account type] to satisfy [payment type]
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