Electronic ACH Same Day Availability Clause Samples
The 'Electronic ACH Same Day Availability' clause establishes the requirement for funds transferred via Automated Clearing House (ACH) to be made available to the recipient on the same business day the transaction is initiated. In practice, this means that when a payment is sent electronically through the ACH network, the receiving party can access the funds within hours rather than waiting for the traditional one- or two-day processing period. This clause ensures faster access to transferred funds, improving cash flow and reducing delays for both businesses and individuals.
Electronic ACH Same Day Availability. Funds received from preauthorized electronic payments such as payroll direct deposits, or other preauthorized electronic payments will be available on the day the deposit is applied to your Account. ACH Credits received from an external bank account will be applied to the Account when Bank has verified the external account and received payment on collected funds. Once the funds are applied to the Account, they will have same day availability.