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.
Appears in 4 contracts
Sources: Treasury Management Services Agreement, Treasury Management Services Agreement, Treasury Management Services Agreement