Zero Balance Account Service Clause Samples
Zero Balance Account Service. Our Zero Balance Account ("ZBA") Service enables you to consolidate your funds automatically each Business Day from designated deposit accounts ("Zero Balance Accounts" and/or "Subsidiary Accounts") into a designated master deposit account ("Concentration Account"). When checks (each individually, an "Item" and collectively, the "Items") drawn on a ZBA are presented for payment, funds are automatically transferred from the Concentration Account to cover exactly the total amount of the presentment. Deposits made to ZBAs are also automatically transferred to the Concentration Account. You will maintain deposit accounts consisting of a Concentration Account and one or more Subsidiary Accounts. Each Business Day, we will transfer funds from the Concentration Account to each Subsidiary Account or from each Subsidiary Account to the Concentration Account, as appropriate, so that the ledger balance in each Subsidiary Account at the close of the Business Day is zero or a predetermined target amount. If there are not sufficient funds in the Concentration Account to cover a predetermined target amount on a Subsidiary Account, transfers will only be made up to the amount of the funds available in the Concentration Account. You authorize us to execute the funds transfers to or from the designated Subsidiary Account(s) and Concentration Account(s). We will keep the Subsidiary Accounts open despite the zero balance. We shall not be required to make any transfer from the Concentration Account in excess of the funds therein, and in the event there are not sufficient collected funds in the Concentration Account to make all of the transfers required, we may allocate the funds among your designated Subsidiary Accounts in our sole and absolute discretion. You shall maintain sufficient available balances in the Concentration Account to cover the amounts transferred by us. If the amount of funds available for transfer from the Concentration Account or the amount of funds available above the predetermined target amount in the Concentration Account is not sufficient to pay all Items presented for payment on any given Business Day, we may return the Items for insufficient funds. You acknowledge that deposits to the Concentration Account(s) and/or Subsidiary Account(s) may not be made available to you until the funds in the deposit are collected, whether or not such funds are transferred to another deposit account as part of the Service. We determine when funds deposited are made a...
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Zero Balance Account Service. This Section 11 sets forth the terms and conditions relating to the Zero Balance Account Service and is applicable to Clients who have executed a Zero Balance Account Service Enrollment Form. Clients who wish to receive the Zero Balance Account Service must have at least two (2) deposit Accounts at the Bank. The Zero Balance Account Service allows clients to concentrate their funds in one, central business checking Account, called a Master Account. If the Target Balance for Subsidiary Accounts is set at zero, the Zero Balance Account Service will sweep all available funds from Subsidiary Accounts to the Master Account, and when an item is presented against a Subsidiary Account, funds are swept back from the Master Account to cover the item. Unless otherwise provided in the Enrollment Form, if the Target Balance for a Subsidiary Account(s) is set above zero, funds will be transferred between the Subsidiary Account(s) and the Master Account to bring the respective balance(s) of the Subsidiary Account(s) to the Target Balance. Unless otherwise provided in the Enrollment Form, one or more Subsidiary Accounts may fall below the Target Balance in the event there are not enough funds in the Concentration and Subsidiary Account(s) to maintain the Target Balance for each Subsidiary Account.
Zero Balance Account Service. Zero Balance Account (“ZBA”) service allows Customers to concentrate balances across multiple checking accounts consisting of a lead (“Master Account”) and one or more sub-accounts funded by the Master Account. Two-way automatic transfers ensure that the sub-accounts maintain a zero balance or a balance otherwise designated by Customer. One-way transfers can also be made from the Master Account to the sub-account, from the sub-account to the Master Account or from the Master Account to the subaccount with deposits allowed in the sub-account. Deposits to accounts designated for transfers from the Master Account to the sub-account with deposits will not transfer to the Master Account and shall remain in the sub-account until a subsequent disbursement is made. Bank reserves the right to terminate ZBA services without prior notice to Customer. In addition to the limitations on the Bank’s liability established elsewhere in this Agreement, the following limits shall apply to the ZBA Services:
a. It shall be Customer’s sole and exclusive responsibility to be knowledgeable of any and all rules governing the co-mingling of funds among Customer’s various accounts, whether such rules are established by Customer’s internal policies or by any external policies, regulations, or laws to which Customer is subject. Customer agrees to hold Bank harmless from any and all liability from any claims asserting that any transfer made by Bank in accordance with Customer’s instructions violated any rules concerning co-mingling.
b. If Bank does not execute a transfer specified herein because Bank reasonably believes that doing so would subject Bank to the risk of monetary loss, including but not limited to the risk of loss from an overdraft caused by the specified transfer, Bank shall not be liable to Customer or any other party fornot executing the transfer.
c. The designation of accounts eligible for ZBA transfers is in Customer’s sole discretion. Therefore, Bank shall not be subject to liability for any loss arising from a claim that a valid ZBA transfer subjected funds to withdrawal by a party who would not otherwise have withdrawal rights or access to the funds.