Common use of AMENDMENT OF ENTRIES Clause in Contracts

AMENDMENT OF ENTRIES. Client has no legal right to cancel or amend any entry after the Bank receives it, but the Bank will generally use reasonable efforts to act on a request by Client for cancellation or amendment of an entry if the Bank can do so prior to its transmission to the ACH Operator or, in the case of an On-Us Entry, prior to debiting or crediting the Receiver’s account. Client is solely responsible for providing notice to Receivers that a reversal is being transmitted and the reason for the reversal by no later than the Settlement Date of the reversing entry. NOTICE OF RETURNED ENTRIES Bank shall notify Client by phone, fax or electronic transmission, including email of the receipt of a returned Entry from the ACH no later than one business day after the business day of receipt. Except for an Entry retransmitted by Client in accordance with the requirements of this Service Description, Bank shall have no obligation to retransmit a returned Entry to the ACH if Bank complied with the terms of this Service Description with respect to the original Entry. Returns will be monitored for excessive activity. Client agrees to cooperate with the Bank should Client have returns that are deemed excessive or if the Bank receives notice from any regulatory or governing body of excessive returns. Returns received by the Bank will be reflected on Client’s periodic statement for the Designated ACH Account. Client agrees to notify the Bank within thirty (30) calendar days after the first periodic statement on which a discrepancy appears. PRENOTIFICATIONS Bank strongly recommends Client sends a prenotification Entry for all new and modified ACH Receiver Entries. If Client chooses to originate non-dollar prenotification Entries to verify the accuracy of routing and account numbers, it agrees not to initiate live dollar Entries until at least three (3) business days following the Settlement Date of the prenotification Entry. Prenotifications must be provided to Bank in the format provided in the Rules. If Client receives notice that a prenotification has been rejected or returned, Client will research the problem and make any necessary corrections before transmitting another Entry.