ACH Accounts definition

ACH Accounts is defined in the definition of "Deposits".

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

ACH Accounts means all Deposit accounts subject to arrangements between the owner of the account and a third party that directly makes automated clearing house debits and credits, including social security payments, Federal recurring payments, and other payments debited and/or credited on a regularly scheduled basis to or from such accounts.

ACH Accounts means deposit accounts subject to arrangements between ------------ the owners of such accounts and a third party (each such third party, an "ACH --- Originator", to be identified as an "ACH Originator" in the test conversion ---------- tapes to be provided by Seller to Purchaser prior to the Closing and the actual conversion tapes to be provided the day after Closing pursuant to the terms of this Agreement) which directly makes automated clearing house debits and credits, including, but not limited to, social security payments, Federal recurring payments, and other payments debited and/or credited on a regularly scheduled basis to or from such accounts (such payments debited or credited by ACH Originators being referred to herein as "ACH Items"). ---------

Examples of ACH Accounts in a sentence

You are required to maintain a sufficient balance in the Designated ACH Accounts at all times to cover expected transaction dollars originated by you.
Unless we make alternative arrangements with you, the Designated ACH Accounts will also be the accounts to which Credit Entries are credited.
In the event you terminate your relationship with us or otherwise close Designated ACH Accounts, in our sole discretion, we may continue to hold funds in the Designated ACH Accounts or Reserve Account up to three (3) years or until all outstanding transactions or returns have cleared and the timeframe for rejection or return has expired.
Transactions submitted to us may be delayed until we are able to satisfy ourselves that the funds in the Designated ACH Accounts will be sufficient to satisfy any funding needs.
In the event there are insufficient funds in the Designated ACH Accounts to cover your obligations for submitted transactions, including amounts owed to us for reversals and for fees and other amounts, we may set off or debit such amounts from any other accounts you have with us (including any accounts in which you hold an interest with any other person or entity or in another capacity), whether established at the time the Designated ACH Accounts are established or established at some later time.
You agree that we may debit any of your ACH Account(s) for any funds owed to us hereunder and that we shall credit an ACH Account designated by you on the Enrollment Form for any amount received by us payable to you with respect to debit Entries or adjustment Entries.
We reserve the right to require you to deposit funds to be held by us in one of your ACH Accounts or in a separate Account held by and pledged to us for the purpose of paying for returned Entries or adjustment Entries, in the event that we determine, in our sole discretion, that such amount or Account is necessary due to a larger-than-usual number of returned Entries or adjustment Entries, or other adverse conditions with respect to you or Entries initiated by you.
Company hereby authorizes Bank to transmit any Entry received by Bank from Company in accordance with the Rules and the terms of the ACH Agreement and to credit or debit the amount of such Entries to the ACH Account(s) specified by Company.
Entries, returned Entries, and adjustment Entries may be debited against or credited to the ACH Account(s).
In addition, QBO ACH Accounts, may not exceed 10% of all Purchased Accounts at any one time In the event the applicable percentages exceed the foregoing limits, Lender may exercise its right not to purchase more accounts from said Account Debtor or any other QBO ACH Accounts, as applicable.

More Definitions of ACH Accounts

ACH Accounts means any segregated cash collateral Deposit Account established by a Credit Party for the sole purpose of securing such Credit Party’s obligations in respect of drawn or committed but unpaid draft ACH transactions and identified to Agent by Credit Parties as such and in which there is not maintained at any point funds on deposit of greater than One Hundred Twenty Five Thousand Dollars ($125,000) in the aggregate for all such accounts.