Can they really do this?

See below for fine print excerpt from my nationwide cash contract. I have opened a new account at a different bank and have yet to use it to pay for anything. Would they be able to go into the new account and debit legally since I agreed to this?(should have read the contract better). How would they get the info?



"5. YOU AUTHORIZE US, Nationwide Cash, Inc., or our agent(s), including attorneys and third party collection agencies in the event of default; to initiate one or more ACH debit entries (for example, at our option, one debit entry may be initiated for the principal of the loan and another for the finance charge) to your Checking Account indicated below for the single payment that comes due with regard to the loan for which you are applying. The Depository Institution named below, called BANK, will receive and debit such entry to your Checking Account. You authorize us to effect a credit entry to deposit the proceeds of the loan to your Account at the BANK. In the event any debit item is returned unpaid, in whole or in part, by BANK for any reason, you authorize Nationwide Cash, Inc. to substitute any other depository account(s) you maintain at any financial institution(s) in place of Bank, and to initiate debits in the amount(s) and manner described herein, without the necessity of obtaining new or additional authorizations from you. "