Common use of Reliance on Identification Numbers Clause in Contracts

Reliance on Identification Numbers. If an ACH transfer describes the person to receive payments inconsistently by name and account number, payment by us and others may be made on the basis of the account number, even if the account number identifies a person different from the named person. If an ACH transfer inconsistently describes the receiving financial institution by name and identification number, the identification number will be relied upon by us and others as the proper identification of the financial institution.

Reliance on Identification Numbers. If an ACH transfer describes the person to receive payments inconsistently by name and account number, payment by us and others may be made on the basis of the account number, even if the account number identifies a person different from the named person. If an ACH transfer inconsistently describes the receiving financial institution by name and identification number, the identification number will be relied upon by us and others as the proper identification of the financial institution.institution.‌