Common use of Returned ACH Entries Clause in Contracts

Returned ACH Entries. If an ACH Entry is returned, Bank will credit or debit the Designated Account upon receipt by Bank. Bank will use reasonable efforts to notify you via Online Banking for Business, by mail, electronic transmission, phone or other reasonable means of the receipt of a returned ACH Entry no later than one Business Day after the Business Day of such receipt. Bank will have no liability to you based on the fact that such notice was not given or was not given at an earlier time. To the fullest extent permitted by law, Bank will have no liability to you based on the return of any ACH Entry. You may initiate Reversing Entries solely to reverse Erroneous Entries and by such means as Bank may make available from time to time. You understand and agree that any amount we credit you for a Reversing Entry is provisional until Bank receives final settlement for such Reversing Entry in accordance with the Rules and is subject to reversal or adjustment at any time without notice to you. You represent and warrant to Bank that each Reversing Entry initiated by you is initiated to reverse and Erroneous Entry and otherwise complies with the Rules in all respects.