Authorization for Automatic Payments
Last updated February 1, 2021
Please read this Authorization carefully and print or save a copy for future reference.
In this Authorization for Automatic Payments ("Authorization"), the words "you" and "your" mean any person authorizing us to initiate a series of transactions to such person's deposit account through an electronic funds transfer system. The words "we," "us," and "our" mean LendingClub Bank, National Association ("LendingClub Bank"), and its affiliates, successors and assigns, and designated third-party service providers acting on its behalf.
This Authorization is effective (1) only if you obtain, or have obtained, a loan made by LendingClub Bank or a loan made by WebBank and serviced by LendingClub Corporation or any affiliate thereof, and (2) only with respect to the specific loan in relation to which you are providing your authorization herein (the "Loan").
If you are accessing this Authorization in connection with your application for the Loan, and your Loan proceeds have not yet been disbursed, you hereby authorize us to initiate a series of recurring charges to the deposit account you have designated in the online Loan application portal, every month beginning one month after your Loan proceeds are disbursed, in the amounts and on the dates disclosed in the final Truth in Lending disclosure and promissory note(s) corresponding to the Loan, and continuing until the earlier of the date the Loan is paid in full or the recurring ACH charges are cancelled by you, by your depository institution, or by us.
If you are accessing this Authorization from within the online account that you have established with us ("Online Account"), you hereby authorize us to initiate a series of recurring charges to your deposit account every month in the amounts and on the dates shown in your Online Account in relation to this Authorization, and continuing until the earlier of the date the Loan is paid in full or the recurring ACH charges are cancelled by you, by your depository institution, or by us.
You understand and agree that these charges may be made to your deposit account on the next business day after any ACH payment date that falls on a weekend, holiday, or other day when we or other depository institutions are not open for business. You also understand and agree that recurring charges may vary in amount, and may include principal, interest, and any fees incurred. We will provide electronic notice for all recurring charges that will vary in amount from one month to the next, at least ten (10) calendar days in advance of each charge.
You also authorize us to (1) apply the funds we receive in payment of your Loan, (2) provide a copy of this Authorization to your depository institution upon its request, (3) initiate electronic credit entries at any time to pay any amounts we may owe you, and (4) verify and correct information about your deposit account with your depository institution if any information is missing or incorrect. You agree to help us verify your deposit account information upon request, by providing a voided check, deposit slip, and other assistance and information.
You certify that the information you provide is correct and complete to the best of your knowledge and that you are individually authorized to have funds deducted from your designated deposit account in order to make your Loan payments and to pay any other amounts under the terms of this Authorization, and you agree that we are not responsible for any charges or fees imposed by your depository institution in connection with insufficient funds in your deposit account. You agree that we did not require you to agree to this Authorization and that you voluntarily elected to do so for your convenience, in order to make your Loan payments and to pay any other amounts under the terms of this Authorization. You agree to keep sufficient funds in your deposit account to pay the full amount of these payments on the dates scheduled. You agree that the transactions you authorize comply with all applicable laws (including but not limited to laws administered by the U.S. Office of Foreign Assets Control) and with any applicable Automated Clearing House network rules.
- You have received, read, and agree to all of the terms of this Authorization; and
- You authorize us to initiate a series of transactions to your deposit account in accordance with the terms of this Authorization.