Common use of Provisional Payment Clause in Contracts

Provisional Payment. Credit given by the Credit Union to you with respect to an auto- mated clearing house (ACH) credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you the amount in the entry. Notice of Receipt of Entry: Under the operating rules of the National Automated Clear- ing House Association, which are applicable to ACH transactions involving your account, we are not required to give next-day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you. Choice of Law: We may accept payments to your account on your behalf, which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act, and your rights and obligations with respect to such payments shall be considered in accordance with, and governed by the laws of the state of Colorado, unless it has otherwise been specified in a separate agree- ment that the law of some other state shall govern. ACCOUNT RATES AND FEES We pay dividends/interest and assess fees against your account as set forth in the Rate and Fee Schedule. We may change the Rate and Fee schedule at any time and will notify you as required by law.

Provisional Payment. Credit given by the Credit Union to you with respect to an auto- mated clearing automated clear- ing house (ACH) credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you the amount in the entry. Notice of Receipt of Entry: Under the operating rules of the National Automated Clear- ing Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next-day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you. Choice of Law: We may accept payments to your account on your behalf, which have been transmitted trans- mitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act, and your rights and obligations with respect to such payments shall be considered in accordance with, and governed by the laws of the state of Colorado, unless it has otherwise been specified in a separate agree- ment agreement that the law of some other state shall govern. ACCOUNT RATES AND FEES We pay dividends/interest and assess fees against your account as set forth in the Rate and Fee Schedule. We may change the Rate and Fee schedule at any time and will notify you as required by law.