Inconsistent Entries. As specified in the Rules, Company acknowledges and agrees that (i) if an Entry describes the Receiver inconsistently by name and account number, payment of the Entry transmitted by Bank to an RDFI might be made by the RDFI (or by Bank in the case of an On-Us Entry) on the basis of the account number, even if it identifies a person different from the named Receiver, and that Company’s obligations to pay the amount of the Entry to Bank is not excused in such circumstances, and (ii) if an Entry describes an RDFI inconsistently by name and identifying number, payment of the Entry may be made on the basis of the identifying number, even if it identifies and RDFI different from the named RDFI, and that Company’s obligation to pay the amount of the entry to Bank is not excused in such circumstances.
Appears in 2 contracts
Sources: Automated Clearing House Services Agreement, Automated Clearing House Services Agreement