Common use of Payments, Credits, and Transfers Clause in Contracts

Payments, Credits, and Transfers. FSB can electronically transfer funds from your account to other parties and can receive funds electronically from other parties for deposit to your account. FSB may do this by “ACH” (as a member of a local or national Automated Clearing House association) and other EFT networks. ACH Debits and Credits. From time to time, originators that you authorize may send automated clearing house (ACH) credits or debits for your account. For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (NACHA) Operating Rules and any local ACH operating rules then in effect. You agree that FSB may rely on the representations and warranties contained in these operating rules and either credit or debit your account, as instructed by the originator of the ACH transaction. You must notify FSB immediately of unauthorized activity. ACH Provisional Payment Rule. Under ACH rules, funds transfers sent through an ACH are provisional and may be revoked prior to final settlement. You agree to these rules. If the funds transfer is revoked before final settlement, FSB may charge your account for the amount credited. The person who sent the funds transfer is considered not to have paid you. If this happens, FSB does not send a separate notice; FSB reports the information on your account statement. Suspension or Cancellation of ACH Transactions. From time to time FSB may need to temporarily suspend processing of ACH transactions in order to comply with regulatory requirements. This may affect settlement and/or availability of the funds for these transactions. FSB reserves the right to cancel preauthorized ACH debits from your account without notice if there are insufficient funds in the account and FSB has no notice of a pending credit to the account that would provide sufficient funds for the ACH debit transaction within 24 hours prior to the scheduled ACH debit transaction.

Payments, Credits, and Transfers. FSB can electronically transfer funds from your account to other parties and can receive funds electronically from other parties for deposit to your account. FSB may do this by “ACH” (as a member of a local or national Automated Clearing House association) and other EFT networks. ACH Debits and Credits. From time to time, originators that you authorize may send automated clearing house (ACH) credits or debits for your account. For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (NACHA) Operating Rules and any local ACH operating rules then in effect. You agree that FSB may rely on the representations and warranties contained in these operating rules and either credit or debit your account, as instructed by the originator of the ACH transaction. You must notify FSB immediately of unauthorized activity. ACH Provisional Payment Rule. Under ACH rules, funds transfers sent through an ACH are provisional and may be revoked prior to final final settlement. You agree to these rules. If the funds transfer is revoked before final final settlement, FSB may charge your account for the amount credited. The person who sent the funds transfer is considered not to have paid you. If this happens, FSB does not send a separate notice; FSB reports the information on your account statement. Suspension or Cancellation of ACH Transactions. From time to time FSB may need to temporarily suspend processing of ACH transactions in order to comply with regulatory requirements. This may affect settlement and/or availability of the funds for these transactions. FSB reserves the right to cancel preauthorized ACH debits from your account without notice if there are insufficient insufficient funds in the account and FSB has no notice of a pending credit to the account that would provide sufficient sufficient funds for the ACH debit transaction within 24 hours prior to the scheduled ACH debit transaction.