Same Day Entries Clause Samples
The "Same Day Entries" clause establishes the rules and procedures for processing transactions or entries that are submitted and settled on the same business day. Typically, this clause outlines the cut-off times by which entries must be received to qualify for same-day processing and may specify the types of transactions eligible for this expedited treatment, such as certain electronic payments or wire transfers. Its core practical function is to facilitate faster movement of funds or data, addressing the need for timely settlement and reducing delays in financial or operational workflows.
Same Day Entries. If Bank authorizes Client to originate Same-Day Entries, Client may designate certain Entries to be originated as Same-Day Entries. Same-Day Entries delivered to Bank shall be prepared and submitted in compliance with the instructions and other requirements set forth in the NACHA Rules and this Agreement. Client understands that any Entries above the maximum allowable amount (as defined by the Federal Reserve Bank) and payments to government agencies (such as Social Security or tax payments) are not eligible for same-day processing and such payments cannot be Same- Day Entries. Client further agrees it will not structure Entries for the purpose of evading these eligibility restrictions.
Same Day Entries. A Credit or Debit Entry with an Effective Entry Date of the date of or a date prior to the date of the transmission of the Entry or File to Bank and received by Bank prior to the applicable cut-off time shall be considered to be a Same Day Entry. The Rules impose a per-transaction Entry limit of $100,000. Entries above the amount allowed in the Rules and IAT Entries are not eligible for Same Day ACH processing. In addition to any other fees that Company is obligated to pay Bank, Company hereby agrees to pay Bank the Same Day Entry fee established by Bank from time to time for Same Day Entries transmitted to Bank by Company.
Same Day Entries. Subject to the Bank’s prior approval, the ACH Service permits Customer to elect to have Customer’s ACH Entries originated on a “same-day” basis, for settlement on the same day as the Effective Entry Date. Eligible ACH Entries received on a business day by the applicable cutoff hour for same-day Entries, will be treated as a “same-day” ACH Entry. For this purpose, “eligible ACH Entries” will mean ACH Entries: (i) received on a business day by the cutoff hour for same-day Entries, (ii) subject to Bank’s right to place additional dollar limitations, that are $1,000,000 or less, and (iii) that contain an effective Entry date for the same day as receipt, or a stale or invalid date. The Bank does not represent, warrant or otherwise guarantee that receiving depository financial institutions will post same-day ACH Entries by applicable deadlines. The Bank may utilize same-day processing for any Entry that qualifies as an “eligible” same-day Entry even if Customer did not intend the Entry to be processed using same-day processing. In such cases, Customer is still responsible for all fees associated with same-day processing.
Same Day Entries. A Credit or Debit Entry with an Effective Entry Date of the date of the transmission of the Entry or File to Bank and received by Bank prior to 12:00pm PT shall be considered to be a Same Day Entry. Entries above $1,000,000 are not eligible for Same Day ACH processing. In addition to any other fees that Customer is obligated to pay Bank, Customer hereby agrees to pay Bank the Same Day Entry fee established by Bank from time to time for Same Day Entries transmitted to Bank by Customer (the “Same Day Fee”). For the avoidance of doubt, if Customer submits an Entry as a Same Day Entry in error, Customer shall be liable for the Same Day Fee and for any other liabilities or losses associated with the erroneous or unauthorized initiation of an Entry on a same day basis, including but not limited to, the debiting of an account prior to the date on which such account should have been debited.
Same Day Entries. A Credit or Debit Entry with an Effective Entry Date of the date of or a date prior to the date of the transmission of the Entry or File to Bank and received by Bank prior to the applicable cut-off time shall be considered to be a Same Day Entry. IAT and Entries above $25,000 (as may be adjusted per the NACHA Rules) are not eligible for Same Day ACH processing. In addition to any other fees that Third-Party Sender is obligated to pay Bank, Company hereby agrees to pay Bank the Same Day Entry fee established by Bank from time to time for Same Day Entries transmitted to Bank by Company.
Same Day Entries. Bank shall offer the same day origination of Credit Entries (“Same Day
Same Day Entries. In regard to Credit Entries, this Section 31 was effective as of September 23, 2016. However, as to Debit Entries, this Section 31 shall not be effective until on or after September 15, 2017. A Credit or Debit Entry with an Effective Entry Date of the date of or a date prior to the date of transmission of the Entry or File to Bank and received by Bank prior to the applicable cut-off time set by Bank shall be considered to be a Same Day Entry. International ACH Transactions (“IAT”) and Entries above $25,000.00 are not eligible for Same Day ACH processing. In addition to any other fees the Customer is obligated to pay Bank, Customer agrees to pay Bank the Same Day Entry fee set by Bank from time to time.
Same Day Entries. A Credit or Debit Entry with an Effective Entry Date of the date of or a date prior to the date of the transmission of the Entry or File to Financial Institution and received by Financial Institution prior to the applicable cut-off time set forth in Schedule B shall be considered a Same Day Entry. Prior to March 20, 2020, the Rules imposed a per-transaction Entry limit of $25,000. Effective March 20, 2020, the per-transaction Entry limit increased to $100,000. Effective March 18, 2022, the per-transaction Entry limit was further increased to $1,000,000. Entries above the amount allowed in the Rules are not eligible for Same Day ACH processing. In addition to any other fees that Third-Party Sender is obligated to pay Financial Institution, Third-Party Sender hereby agrees to pay Financial Institution the Same Day Entry fee established by Financial Institution from time to time for Same Day Entries transmitted to Financial Institution by Third-Party Sender.