Returned Entries. Company acknowledges that Entries initiated into the ACH Network may be returned for any reason, subject to limited exceptions. Processor shall notify Company of the receipt of a returned Entry, or Entries, from the ACH Operator no later than one business day after the business day of such receipt, and shall credit or debit such Entries to Company’s account or deduct such Entries from Company’s funds held by Processor. Company will provide collected funds to indemnify Processor if any debit is returned after Processor has credited funds to Company’s account. Processor may, but shall have no obligation to re-transmit a returned Entry.
Appears in 2 contracts
Sources: Ach Processing Services Agreement, Ach Processing Services Agreement