Common use of Accurate Information on Payees Clause in Contracts

Accurate Information on Payees. If the Bill Payment Service provides Client with a series of options regarding payee address or location, Client is responsible for correcting that information if such information does not agree with Client’s records or with Client’s particular bill. Bank and the others that handle Client’s Bill Payment (including the payee’s bank) are entitled to rely on information Client supplies, such as the payee’s account number or the routing number of the payee’s bank, even if the name Client gives to Bank and the number Client gives to Bank identify different persons. Automated Clearing House Entries. Electronic payments that are made through the Automated Clearing House (“ACH”) are subject to the rules of the ACH, and Client agrees to be bound by the Operating Rules of the ACH, including the rule making payment to the payee provisional until receipt by the payee’s bank of final settlement of the credit transaction. If final settlement is not received, Client will not be deemed to have paid the payee the amount of the bill payment.