Common use of ACH Transfers Clause in Contracts

ACH Transfers. If you receive a credit from a third party into your account by means of an automated clearing house (“ACH”), any deposit or payment order via the ACH made to your account(s) will be provisional. It will be subject to refund until final settlement through a Federal Reserve Bank occurs or we have received payment as provided in the Uniform Commercial Code. In the case of receipt of such a credit, (a) we do not have to give you notice of receipt of the entry, (b) you agree that such entry may be transmitted through one or more ACHs, (c) you agree to be bound by the rules of such ACHs, and (d) your rights and obligations with respect to such entry will be construed in accor- dance with and governed by the laws of the State of Connecticut. Post-Dated Checks If the date on a check is later than the date the check was issued, the check is called “post-dated.” We will not look to see if a check is post-dated when we determine whether or not to pay the check. We have the right to charge against your account any payment we make on a post-dated check before the date on the check, unless you have given us notice of the post-dated check. The notice must describe the check with reasonable certainty. If the notice does not do so, or if we do not have a reasonable opportunity to act on the notice, we will not be liable if we pay the check before the date on the check or if such payment causes other checks to be returned for insufficient

ACH Transfers. If you receive a credit from a third party into your account by means of an automated clearing house (“ACH”), any deposit or payment order via the ACH made to your account(s) will be provisional. It will be subject to refund until final settlement through a Federal Reserve Bank occurs or we have received payment as provided in the Uniform Commercial Code. In the case of receipt of such a credit, (a) we do not have to give you notice of receipt of the entry, (b) you agree that such entry may be transmitted through one or more ACHs, (c) you agree to be bound by the rules of such ACHs, and (d) your rights and obligations with respect to such entry will be construed in accor- dance with and governed by the laws of the State of Connecticut. Post-Dated Checks If the date on a check is later than the date the check was issued, the check is called “post-dated.” We will not look to see if a check is post-dated when we determine whether or not to pay the check. We have the right to charge against your account any payment we make on a post-dated check before the date on the check, unless you have given us notice of the post-dated check. The notice must describe the check with reasonable certainty. If the notice does not do so, or if we do not have a reasonable opportunity to act on the notice, we will not be liable if we pay the check before the date on the check or if such payment causes other checks to be returned for insufficientinsufficient funds. A notice of a post-dated check will never be good beyond the date on the check. An oral notice of a post-dated check is good for no longer than 14 days unless we receive written confirmation from you within that time. A written notice of a post-dated check is good for no longer than 180 days, but you may renew it by a written notice which we must receive before it expires. Stale-Dated Checks We may at our option pay a check that is over six months old, but we are not required to do so.