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Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102144
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Could you ple ase give me the following in laymans terms.

Customer Question

Could you ple ase give me the following in laymans terms. Thank you in advance?
I WILLIAM ************, hereby authorize Citibank (hereinafter “Bank”) to electronically deposit and return my payments made through the Office of the Comptroller’s Accounts Payable Division to the bank specified due to my inability to finically conclude this transaction.
This authorization is to remain in full force and effect until the bank has received written notification from me of its termination in such time and manner as to afford the bank named above a reasonable opportunity to act upon it.
In the event that the bank notifies the receiving bank that funds have been deposited to the company's account in error, I hereby authorize the Office of the Treasurer to initiate a reversal of the payment in accordance with National Automated Clearing House Association (NACHA) regulations and direct the bank to return said funds to the owner as soon as possible.
In the event that for any reason, the bank is unable to return said funds to the owner, I hereby authorize the bank to recover those funds by any of the following methods: (1) deducting the amount of said funds from any future payments from the owner until the amount of erroneous deposit has been recovered in full; (2) making written demand on the company for return of said funds, in which case the company hereby agrees to return said funds in full to the bank within two (2weeks of receipt of such written demand; or (3) any combination of methods (1) and (2) above. The company further agrees that if such funds are not repaid to the account holder will be liable for all costs of collection, including reasonable attorneys’ fees incurred in the collection of such funds, together with the maximum interest permitted by law.
I have read, understand, and agree to the above statement.
Signature: ___________________________________
Submitted: 1 year ago.
Category: Legal
Expert:  Ely replied 1 year ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. I allow the bank to deposit and return money from the Office of the Comptroller's Accounts Payable Division to and from my account. This authorization will be in force until they receive a written letter from me, otherwise. In case the bank receives money into my account in error, the Office of the Treasurer shall have the right to reverse payment. If the money is already spent but should have been reversed, then the bank can recover the money by (1) deducting it from any future deposits to me, (2) sending written demands, (3) or a combination of the two. If the money is not recovered, I will be liable for costs of collection including legal and attorney fees. - - - I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.