ACH AUTHORIZATION AGREEMENT

Electronic Funds Transfer Disclosure

 

Effective Date: March 22, 2026

 

This document explains your rights and responsibilities when authorizing SeaCoast Loans to initiate electronic fund transfers (ACH transfers) to and from your bank account.

 

1. AUTHORIZED TRANSFERS

By signing the ACH Authorization Agreement, you authorize SeaCoast Loans to:

• Deposit funds to your designated bank account (for loan disbursements and refunds)
• Withdraw funds from your designated bank account (for loan repayments, as specified in your loan agreement)
• Verify your account via bank login (Plaid integration for instant verification)

All transfers will be processed through the ACH (Automated Clearing House) network via ACHQ.

 

2. YOUR RIGHT TO CANCEL

You may cancel this authorization at any time by providing written notice to SeaCoast Loans at least 10 business days before your next scheduled payment. Written notice means:

• Email to: hello@seacoastloans.com
• Phone to: (843) 607-3077
• Mail to: SeaCoast Loans, 103E Regency Commons Dr., Greer, SC 29650-5210

Include: Your name, loan account number, and account ending in [LAST 4]

Cancellation takes effect only after we receive your notice and have time to process it (up to 10 business days).

 

3. YOUR LIABILITY FOR UNAUTHORIZED TRANSFERS

Under the Electronic Funds Transfer Act (EFTA), your liability is limited as follows:

If you report within 60 days of receiving your statement: Your liability is LIMITED TO $50 for any unauthorized transfer, regardless of the amount transferred.

If you report more than 60 days after receiving your statement: You could be liable for the full amount of unauthorized transfers.

 

Important: Check your bank statements promptly and report any suspicious activity immediately.

 

4. FEES

SeaCoast Loans does not charge a fee for ACH authorization or for the authorization process. However, your bank may charge fees for overdrafts or NSF (non-sufficient funds) if a withdrawal cannot be completed.

 

5. PREAUTHORIZED LOAN PAYMENTS

Once your loan is funded, SeaCoast Loans may automatically withdraw your loan payment from the account you authorize. Your loan agreement will specify:

• Payment amount
• Payment frequency (monthly, bi-weekly, weekly, etc.)
• Payment due date(s)

 

Notice of Varying Amounts: If the amount may vary, we will notify you in writing at least 10 days before making the first withdrawal, and at least 10 days before any withdrawal that differs from the previous one.

 

6. ERROR RESOLUTION PROCEDURE

If you believe there has been an error or unauthorized transfer, you must notify SeaCoast Loans immediately:

 

Contact: hello@seacoastloans.com | Phone: (843) 607-3077

Provide: Your name, account number, and a description of the error

 

We will investigate your claim and respond within 10 business days (or notify you that we need more time). In the case of a confirmed error, we will correct it immediately and credit your account.

 

7. ACCOUNT SECURITY

You agree to:

• Keep your authorization confidential
• Notify us immediately of any unauthorized use
• Review your bank statements regularly
• Report errors or discrepancies within 60 days of your statement date

 

SeaCoast Loans agrees to:

• Encrypt all account information
• Comply with all EFTA and NACHA regulations
• Use your account information only for authorized transfers
• Not share your account details with third parties (except as required by law)
• Verify your account via Plaid secure bank integration (no plain passwords stored)

 

8. DISPUTE RESOLUTION

If you have a dispute related to this ACH authorization or electronic transfers, you may contact SeaCoast Loans’ dispute resolution team:

 

Email: hello@seacoastloans.com

Phone: (843) 607-3077

Mailing Address: 103E Regency Commons Dr., Greer, SC 29650-5210

 

For complaints not resolved to your satisfaction, you may also contact:

 

Consumer Financial Protection Bureau (CFPB)

Phone: 1-855-411-CFPB (2372)

Website: www.consumerfinance.gov

 

9. PRIVACY POLICY

Your account information will be treated confidentially and in accordance with SeaCoast Loans’ Privacy Policy. We collect, use, and protect your personal information as outlined in our Privacy Policy, available at www.seacoastloans.com/privacy.

 

In limited circumstances, we may disclose account information to:

• Government agencies (with proper authority)
• Your bank (for account verification)
• ACHQ (for ACH processing)
• Law enforcement (to prevent fraud or comply with law)
• Attorneys and collection agencies (to enforce our rights)

 

10. TERMINATION OF AUTHORIZATION

This authorization will remain in effect until:

• You cancel it in writing (with 10 business days notice)
• Your loan is paid in full
• Your loan agreement is terminated
• SeaCoast Loans terminates it for cause (such as fraud or breach)

 

11. CHANGES TO THESE TERMS

SeaCoast Loans may change these terms with 30 days written notice to you. We will notify you by email or mail. Your continued use of ACH transfers after the 30-day notice period means you accept the new terms. If you do not accept the new terms, you must cancel this authorization in writing.

 

 

IMPORTANT ACKNOWLEDGMENTS

By signing the ACH Authorization Agreement form, you acknowledge that:

• ☐ You have read and understood this disclosure
• ☐ You understand your rights and responsibilities
• ☐ You authorize SeaCoast Loans to initiate ACH transfers
• ☐ You understand that your liability is limited to $50 if you report errors within 60 days
• ☐ You understand you may cancel this authorization with 10 days written notice

 

QUESTIONS?

SeaCoast Loans Compliance Team

Email: hello@seacoastloans.com

Phone: (843) 607-3077

Mailing Address: 103E Regency Commons Dr., Greer, SC 29650-5210

Hours: Monday-Friday, 9:00 AM – 5:00 PM EST

 

Last Updated: March 22, 2026

This document complies with the Electronic Funds Transfer Act (EFTA) and NACHA Operating Rules.