Common use of Cancellation, Amendment or Reversal of Entries Clause in Contracts

Cancellation, Amendment or Reversal of Entries. Customer shall have no right to cancel or amend any Entry after its receipt by Bank, nor any right to the reversal of any Entry after it has been transmitted to the ACH or, in the case of an On-Us Entry, after the Receiver’s account has been credited/debited. However, Bank shall use reasonable efforts to act on a request by Customer to cancel or amend an Entry prior to transmitting it to the ACH or, in the case of an On-Us Entry, prior to crediting/debiting the Receiver's account, or for the reversal of a transmitted Entry or, in the case of an On-Us Entry, an Entry that has been credited/debited to the Receiver’s account, provided such request complies with any and all Security Procedures and the Rules. Under no circumstances shall Bank have any liability whatsoever for any failure to cancel, amend, or reverse any Entry. Customer shall be liable to Bank for any expenses, losses or damages Bank incurs in effecting or attempting to effect Customer’s request for cancellation, amendment or reversal of any Entry and does hereby agree to indemnify, defend and hold Bank harmless with respect thereto. Procedures and forms can be found on the Treasury Solution Resource Center.

Cancellation, Amendment or Reversal of Entries. Customer shall have no right to cancel or amend any Entry after its receipt by Bank, nor any right to the reversal of any Entry after it has been transmitted to the ACH or, in the case of an On-Us Entry, after the Receiver’s account has been credited/debited. However, Bank shall use reasonable efforts to act on a request by Customer to cancel or amend an Entry prior to transmitting it to the ACH or, in the case of an On-Us Entry, prior to crediting/debiting the Receiver's account, or for the reversal of a transmitted Entry or, in the case of an On-Us Entry, an Entry that has been credited/debited to the Receiver’s account, provided such request complies with any and all Security Procedures and the Rules. Under no circumstances shall Bank have any liability whatsoever for any failure to cancel, amend, or reverse any Entry. Customer shall be liable to Bank for any expenses, losses or damages Bank incurs in effecting or attempting to effect Customer’s request for cancellation, amendment or reversal of any Entry and does hereby agree to indemnify, defend and hold Bank harmless with respect thereto. Procedures and forms can be found on the Treasury Solution Manager Resource Center.