Common use of STATE OF RHODE ISLAND Clause in Contracts

STATE OF RHODE ISLAND. If you originate ACH (Automated Clearing House) Credits and Debits – For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (“NACHA”) Operating Rules and any local ACH operating rule then in effect. These rules provide, among other things that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 6A of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your Account, and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an Account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.