ACH Transfer Services Sample Clauses

The "ach-transfer-services" clause defines the terms and conditions under which Automated Clearing House (ACH) transfer services are provided between parties. It typically outlines the procedures for initiating, processing, and settling electronic funds transfers, including any requirements for authorization, timing of transfers, and responsibilities for errors or unauthorized transactions. This clause ensures that both parties understand their obligations and the operational framework for ACH transfers, thereby reducing the risk of disputes and promoting secure, efficient handling of electronic payments.
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ACH Transfer Services. Your transfers and payments to external accounts outside the credit union may be completed by automated clearing house entries. You understand and agree that you are prohibited from using Online Banking Services to initiate a payment from an external account outside MFCU to a Connected Account unless you own or have unlimited transfer and withdrawal authority with respect to such external account. You agree to be bound by the ACH Rules with respect to all such transfers and payments. You will be considered the originator of your automated clearing house entries under the ACH Rules. You agree not to initiate automated clearing house entries that violate Applicable Law, including but not limited to, sanctions enforced by the Office of Foreign Assets Control (OFAC). It is your responsibility to obtain information regarding OFAC enforced sanctions. You may obtain further information from the OFAC Compliance Hotline at (800)540-OFAC. Except for the entries we create to carry out your transfer and payment requests, this Agreement does not allow you originate any other types of automated clearing house entries. We may terminate or suspend this Agreement immediately if we believe you have breached the ACH Rules. You agree that we may audit your compliance with this Agreement, the ACH Rules, and any other as requested from time to time. By initiating a funds transfer through Online Banking Services, you certify that such transfer complies in all respects with Applicable Law and the ACH Rules. You shall, not later than the settlement time as established in the ACH Rules, cause immediately available collected funds to be deposited in the applicable Connected Member Account in satisfaction of credit entries initiated by you through us. You authorize us to debit the applicable Connected Member Account on the applicable settlement date in the amount of each entry initiated by you. With regard to credit entries subject to Article 4A of the UCC: (a) credit entries may be transmitted through the ACH system governed by the ACH Rules; (b) as between you and any Person other than us, your rights and obligations concerning credit entries shall be governed by and construed in accordance with the laws of the State of Michigan; (c) credit given by a receiving depository financial institution to a receiver for credit entries shall be provisional until such receiving depository financial institution has received final settlement through a Federal Reserve Bank, or otherwise has rece...
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ACH Transfer Services. Business Customers should refer to section paragraph 32 (D) 5.10.
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ACH Transfer Services. Company wishes to initiate credit and/or debit Entries through the Financial Institution to accounts maintained at Financial Institution and in other depository financial institutions by means of the Automated Clearing House Network (“ACH”) pursuant to the terms of this Agreement and the rules of the National Automated Clearing House Association (“NACHA”) and Financial Institution’s operating rules and procedures for electronic entries, including any exhibits or appendices thereto now in effect, or as may be amended from time to time (the "Rules"), and Financial Institution is willing to act as an Originating Depository Financial Institution (“ODFI”) with respect to such Entries. This Agreement sets forth the terms and conditions pursuant to which Financial Institution will provide to Company the ACH Services outlined herein (“Services”). Company hereby requests Financial Institution to provide the Service described in this Agreement. By executing this Agreement and/or using the Services described in this Agreement, Company accepts and agrees to all terms, conditions, and provisions of this Agreement and agrees that this Agreement sets forth the terms and conditions pursuant to which Financial Institution will provide to Company the Service outlined herein. The Internet Banking Agreement is hereby incorporated by reference and made a part hereof. In the event of inconsistency between a provision of this Agreement, the Uniform Commercial Code ("UCC"), the Internet Banking Agreement, and/or the Depository Agreement, the provisions of this Agreement shall prevail. Terms not otherwise defined in this Agreement shall have the meaning ascribed to those terms in the Rules. The term "Entry" shall have the meaning provided in the Rules and shall also mean the data received from Company hereunder from which Financial Institution initiates each Entry.
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ACH Transfer Services 
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