Common use of Same Day Entries Clause in Contracts

Same Day Entries. Subject to the Bank’s prior approval, the ACH Service permits Customer to elect to have Customer’s ACH Entries originated on a “same-day” basis, for settlement on the same day as the Effective Entry Date. Eligible ACH Entries received on a business day by the applicable cutoff hour for same-day Entries, will be treated as a “same-day” ACH Entry. For this purpose, “eligible ACH Entries” will mean ACH Entries: (i) received on a business day by the cutoff hour for same-day Entries, (ii) subject to Bank’s right to place additional dollar limitations, that are $1,000,000 or less, and (iii) that contain an effective Entry date for the same day as receipt, or a stale or invalid date. The Bank does not represent, warrant or otherwise guarantee that receiving depository financial institutions will post same-day ACH Entries by applicable deadlines. The Bank may utilize same-day processing for any Entry that qualifies as an “eligible” same-day Entry even if Customer did not intend the Entry to be processed using same-day processing. In such cases, Customer is still responsible for all fees associated with same-day processing.