Common use of Inconsistency of Name and Account Number Clause in Contracts

Inconsistency of Name and Account Number. The Member Client acknowledges and agrees that, if an Entry describes the Receiver inconsistently by name and account number, payment of the Entry transmitted by the Financial Institution to the RDFI may be made by the RDFI (or by the Financial Institution in the case of an On-Us Entry) on the basis of the account number supplied by the Member Client, even if it identifies a person different from the named Receiver, and that the Member Client’s obligation to pay the amount of the Entry to the Financial Institution is not excused in such circumstances. Member Client is liable for and must settle with Financial Institution for any Entry initiated by Member Client that identifies the Receiver by account or identifying number or by name and account or identifying number.

Inconsistency of Name and Account Number. The Member Client acknowledges and agrees that, if an Entry describes the Receiver inconsistently by name and account number, payment of the Entry transmitted by the Financial Institution to the RDFI may be made by the RDFI (or by the Financial Institution in the case of an On-Us On‐Us Entry) on the basis of the account number supplied by the Member ClientMember, even if it identifies a person different from the named Receiver, and that the Member ClientMember’s obligation to pay the amount of the Entry to the Financial Institution is not excused in such circumstances. Member Client is liable for and must settle with Financial Institution for any Entry initiated by Member Client that identifies the Receiver by account or identifying number or by name and account or identifying number.