Receiver Authorizations for Credit Entries Sample Clauses
The 'Receiver Authorizations for Credit Entries' clause establishes the requirement that a receiver must provide explicit authorization before any credit entries are made to their account. In practice, this means that a business or financial institution cannot deposit funds into an individual's or entity's account without first obtaining their consent, which may be given in writing, electronically, or through another agreed-upon method. This clause ensures that all credit transactions are properly authorized, thereby protecting account holders from unauthorized deposits and maintaining the integrity of the payment process.
Receiver Authorizations for Credit Entries. Each person shown as the Receiver on a credit Entry received by Bank from the Client has, by an authorization agreement in accordance with the NACHA Rules, authorized the initiation of such Entry and the crediting of the Receiver's account in the amount and on the Effective Entry Date shown on such Entry, and has authorized the initiation, if necessary, of debit Entries and adjustments for any credit Entries made in error to the Receiver's account;