Automated Clearinghouse Clause Samples
The Automated Clearinghouse (ACH) clause defines the terms under which electronic funds transfers are processed between parties using the ACH network. It typically outlines the responsibilities of each party regarding the initiation, authorization, and timing of payments, as well as procedures for handling errors or disputes. By establishing clear rules for electronic payments, this clause ensures efficient, secure, and predictable transfer of funds, reducing administrative burdens and minimizing payment-related risks.
Automated Clearinghouse. From time to time, you may be a party to an automated clearinghouse (ACH) entry, which may be credited or charged to your share draft account. You agree to be bound by the National Clearinghouse Association (NACHA) operating rules then in effect for any ACH transactions. You agree that we may rely on the representations and warranties of the originator of the ACH transaction set forth in the NACHA operating rules in debiting or crediting your account. We will notify you of the receipt of any ACH entry only in your account statement, and you may confirm receipt by calling the telephone number listed in the “Credit Union Contacts” section of this Agreement. You agree that payment of ACH entries will be processed on the basis of the identifying number, even if the identifying number identifies a person or entity different from the named party in the transaction. If you receive an unauthorized transaction posted to your account, you have sixty (60) days, from the date of the posting to notify us to return the item as unauthorized. We will not be able to return the item after that time without the cooperation and agreement of the originating bank and the originating company. Any other action must be conducted between you and the originator of the transaction. The prime share account is not a transaction account with electronic withdraws limited by Regulation D. ACH withdraws may not be paid if accessing the prime share account. Please note that the ACH system may not be used to process transactions in violation of Office of Foreign Assets Control (“OFAC”) sanctions. At a minimum, illicit transactions will be blocked or rejected and originators of such ACH transactions may face penalties. From time to time a merchant may ask to use one of your drafts as a source of account information in order to initiate an electronic withdrawal from your account. The merchant should ask you to sign an authorization form and give you a receipt for the transaction. If you authorize such a transaction, the merchant will use certain information obtained from one of your drafts (which may be blank, partially or completely filled out and signed or unsigned), along with certain other information concerning the transaction (such as the amount), to initiate an ACH debit transaction against your account. At that point, the merchant should mark the draft void and give it back to you (you should treat the voided draft with care because someone else who obtains possession of it could use t...
Automated Clearinghouse. All payments made by CVS to Cardinal under this Agreement will be made via ACH, to a financial institution designated by Cardinal, so as to provide Cardinal with good funds immediately available to Cardinal on the date such payment is due according to the schedule set forth in the Section 4 Disclosure Schedule. In the event that ACH is temporarily interrupted or cannot be utilized, CVS will seek alternative payment methods to ensure that Cardinal receives good funds immediately available to Cardinal on the date such payment is due.
Automated Clearinghouse. All payments made by CVS to Cardinal under this Agreement will be made via ACH, to a financial institution designated by Cardinal, so as to provide Cardinal with good funds immediately available to Cardinal on the date such payment is due according to the schedule set forth in the Section 4 Disclosure Schedule. In the event that ACH is temporarily interrupted or cannot be utilized, CVS and Cardinal will seek alternative payment methods to ensure that Cardinal receives good funds as soon as practical. To the extent that a specific payment is unnecessarily delayed due to an issue with the ACH, CVS agrees to work with Cardinal to make such payment as expeditiously as possible. As indicated in Section 4 Disclosure Schedule, CVS and Cardinal may mutually agree to a payment arrangement that is reflective of a change in normal terms to accommodate for late payment due to the fact that the ACH was temporarily interrupted or could not be utilized.
Automated Clearinghouse settles on the next business day. Note that amounts disbursed from an account (other than as referenced in Disbursements below) or purchases made in an account will result in a corresponding “cost” to NFS. This occurs because NFS provides funding for these disbursements or purchases one day prior to the receipt of funds from the account’s core account. These “costs” potentially reduce or eliminate any benefit that NFS derived from the receipts described previously.
Automated Clearinghouse. TIS may accept on Your behalf automated clearing house (“ACH”) payments to your Truist Brokerage Account which have been transmitted through one or more automated clearing houses. Your rights and obligations regarding such payments shall be construed in accordance with and governed by the Electronic Funds Transfer Act, the laws of the State of North Carolina, federal law and as provided by the operating rules of the National Automated Clearing House Association (“NACHA”). Under the NACHA operating rules, TIS is not required to give you next day notice of receipt of an ACH item, and TIS will not do so. You will, however, continue to receive notice of payments in the periodic statements provided to you. Credit given by TIS to you with respect to an ACH entry is provisional until TIS receives final settlement for such entry. If TIS does not receive such final settlement, you agree that TIS is entitled to an immediate refund of any amount credited to you in connection with any such entry.