Common use of Processing Information Clause in Contracts

Processing Information. Files will be processed after the designated cut-off time listed above. Each file is analyzed according to the Institution's risk and fraud analytics system. A file may be delayed if it is scored as a suspect transaction. If necessary, the Company will be contacted according to the information contained in Company Information and ACH Services section of this Agreement to determine verification of the file. If verification cannot be made or if the Institution deems that the file is suspicious, processing may be further delayed or denied. Schedule B – Sample ACH Authorization Agreements Sample ACH Authorization Agreement for debit entries. I (we) authorize [Company Name] (“Company”) to electronically debit my (our) account (and, if necessary, electronically credit my (our) account to correct erroneous debits1). I (we) agree that ACH transactions I (we) authorize comply with all applicable law. I have provided information for my account below. Checking Account/ Savings Account (select one) at the depository financial institution (“Depository”) named below. Depository Name: Name(s) on account: Routing Number: Account Number: Amount of debit(s) or method of determining amount of debit(s) [or specify range of acceptable dollar amounts authorized]: Date(s) and/or frequency of debit(s): I (we) understand that this authorization will remain in full force and effect until I (we) notify Company [insert manner of revocation, i.e., in writing, by phone, location, address, etc.] that I (we) wish to revoke this authorization. I (we) understand that Company requires at least [X days/weeks] prior notice in order to cancel this authorization. 2 Name(s): Date: Signature(s): Schedule B – Continued Sample ACH Authorization Agreement for credit entries. Check all that apply: Begin Deposit Change Information Split Among Multiple Accounts I have provided information for each of my accounts below. I (we) authorize [Company Name] (“Company”) to electronically credit my (our) account (and, if necessary, electronically debit my (our) account to correct erroneous credits3). I (we) agree that ACH transactions I (we) authorize comply with all applicable law. Checking Account/ Savings Account (select one) at the depository financial institution (“Depository”) named below. Depository Name: Name(s) on account: Routing Number: Account Number: Amount of credit (i.e. flat amount or percentage): Date(s)/frequency: Checking Account/ Savings Account (select one) at the depository financial institution (“Depository”) named below. Depository Name: Name(s) on account: Routing Number: Account Number: Amount of credit (i.e. flat amount or percentage): Date(s)/frequency: I (we) understand that this authorization will remain in full force and effect until I (we) notify Company [insert manner of revocation, i.e., in writing, by phone, location, address, etc.] that I (we) wish to revoke this authorization. I (we) understand that Company requires at least [X days/weeks] prior notice in order to cancel this authorization. 4 Name(s): Date: Signature(s): 3 The NACHA Operating Rules do not require the consumer’s express authorization to initiate Reversing Entries to correct erroneous transactions. However, Originators should consider obtaining express authorization of debits or credits to correct errors. 4 Written debit authorizations must provide that the Receiver may revoke the authorization only by notifying the Originator in the time and ▇▇▇▇▇▇ stated in the authorization. The reference to notification should be filled with a statement of the time and manner that notification must be given in order to provide company a reasonable opportunity to act on it (e.g., “In writing by mail to ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ that is received at least three (3) days prior to the proposed effective date of the termination of authorization”). In accordance with NACHA Rules, the Company is deemed to be a Third-Party Sender if it originates ACH entries for other businesses who do not have an ACH Agreement with the Institution. If the Company will be acting as a Third-party Sender for purposes of ACH origination, the Company agrees to the terms of this Agreement as a Third-party Sender in additional to the terms and conditions set forth in this Schedule C. The Company agrees to complete Schedule D for each of its clients for whom it will originate ACH entries.

Processing Information. Files will be processed after the designated cut-off time listed above. Each file is analyzed according to the Institution's risk and fraud analytics system. A file may be delayed if it is scored as a suspect transaction. If necessary, the Company will be contacted according to the information contained in Company Information and ACH Services section of this Agreement to determine verification of the file. If verification cannot be made or if the Institution deems that the file is suspicious, processing may be further delayed or denied. Schedule B – Sample ACH Authorization Agreements Sample ACH Authorization Agreement for debit entries. I (we) authorize [Company Name] (“Company”) to electronically debit my (our) account (and, if necessary, electronically credit my (our) account to correct erroneous debits1). I (we) agree that ACH transactions I (we) authorize comply with all applicable law. I have provided information for my account below. Checking Account/ Savings Account (select one) at the depository financial institution (“Depository”) named below. Depository Name: Name(s) on account: Routing Number: Account Number: Amount of debit(s) or method of determining amount of debit(s) [or specify range of acceptable dollar amounts authorized]: Date(s) and/or frequency of debit(s): I (we) understand that this authorization will remain in full force and effect until I (we) notify Company [insert manner of revocation, i.e., in writing, by phone, location, address, etc.] that I (we) wish to revoke this authorization. I (we) understand that Company requires at least [X days/weeks] prior notice in order to cancel this authorization. 2 Name(s): Date: Signature(s): Schedule B – Continued Sample ACH Authorization Agreement for credit entries. Check all that apply: Begin Deposit Change Information Split Among Multiple Accounts I have provided information for each of my accounts below. I (we) authorize [Company Name] (“Company”) to electronically credit my (our) account (and, if necessary, electronically debit my (our) account to correct erroneous credits3). I (we) agree that ACH transactions I (we) authorize comply with all applicable law. Checking Account/ Savings Account (select one) at the depository financial institution (“Depository”) named below. Depository Name: Name(s) on account: Routing Number: Account Number: Amount of credit (i.e. flat amount or percentage): Date(s)/frequency: Checking Account/ Savings Account (select one) at the depository financial institution (“Depository”) named below. Depository Name: Name(s) on account: Routing Number: Account Number: Amount of credit (i.e. flat amount or percentage): Date(s)/frequency: I (we) understand that this authorization will remain in full force and effect until I (we) notify Company [insert manner of revocation, i.e., in writing, by phone, location, address, etc.] that I (we) wish to revoke this authorization. I (we) understand that Company requires at least [X days/weeks] prior notice in order to cancel this authorization. 4 Name(s): Date: Signature(s): 3 The NACHA Operating Rules do not require the consumer’s express authorization to initiate Reversing Entries to correct erroneous transactions. However, Originators should consider obtaining express authorization of debits or credits to correct errors. 4 Written debit authorizations must provide that the Receiver may revoke the authorization only by notifying the Originator in the time and ▇▇▇▇▇▇ stated in the authorization. The reference to notification should be filled with a statement of the time and manner that notification must be given in order to provide company a reasonable opportunity to act on it (e.g., “In writing by mail to ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ that is received at least three (3) days prior to the proposed effective date of the termination of authorization”). In accordance with NACHA Rules, the Company is deemed to be a Third-Party Sender if it originates ACH entries for other businesses who do not have an ACH Agreement with the Institution. If the Company will be acting as a Third-party Sender for purposes of ACH origination, the Company agrees to the terms of this Agreement as a Third-party Sender in additional to the terms and conditions set forth in this Schedule C. The Company agrees to complete Schedule D for each of its clients for whom it will originate ACH entries.