ACH Operator definition

ACH Operator means the central clearing facility operated by a Federal Reserve Bank or a private organization on behalf of the Depository Financial Institutions (DFI), to or from which a participating DFI transmits or receives ACH Entries.

ACH Operator means the central clearing facility, operated by a Federal Reserve Bank ("FRB") or a private organization, which receives entries from the ODFI or the Third Party processor acting as an agent for the ODFI, and distributes entries to the appropriate RDFI or the Third Party processor acting as an agent for the RDFI, and performs the settlement functions for the affected financial institutions.

ACH Operator means either the Federal Reserve ACH Operator or the EPN (Electronic Payments Network) private ACH Operator. “Administrator” has the meaning set forth in Section 12(a).

Examples of ACH Operator in a sentence

• PROCESSOR will not be liable for any delays in receipt of funds or errors in debit and credit Entries caused by third parties including but not limited to the ACH Operator, the ODFI, the Receiving Depository Financial Institution (“RDFI”), or CUSTOMER's financial institution.

• CUSTOMER wishes to initiate debit and credit entries pursuant to the terms of this Agreement and the operating rules and guidelines of the National Automated Clearing House Association (“NACHA”) and any ACH Operator (the “Rules”), and applicable foreign, federal, state, and local laws and regulations, as the same may be amended from time to time (“Laws”) and in compliance with all applicable requirements of the ODFI and any applicable Federal, state or banking regulatory authority (“Agency”).

• PROCESSOR, in its sole and absolute discretion, has the right to immediately suspend or terminate processing for CUSTOMER and/or this Agreement if PROCESSOR, the ODFI, the ACH Operator, NACHA, or any applicable Agency believes that CUSTOMER has breached these representations and warranties, any other representations and warranties made elsewhere in this Agreement, or has initiated any unauthorized Entries.

• Bank shall notify Company of such rejection no later than the Business Day such Entry would otherwise have been transmitted by Bank to the ACH Operator or, in the case of an On-Us Entry, the day before its Effective Entry Date.

• ODFIs that hold and later submit stale-dated files on behalf of their clients must be cognizant of the time of day the file is submitted to the ACH Operator, as stale-dated files submitted in a same-day processing window will be processed as Same Day Entries.State tax agencies might experience an elevated incidence of returns for these ACH debits.

More Definitions of ACH Operator

ACH Operator means a Federal Reserve bank, including without limitation, the United States Federal Reserve Bank of Kansas City, or other entity that provides clearing, deliver, and settlement services for ACH Entries, as defined by the Rules, and other services, all as more fully described and defined in the Rules.

ACH Operator means an organization serving as a central clearing facility that receives entries from the ODFIs and distributes the entries to the appropriate RDFI.

ACH Operator means a Federal Reserve Bank or other (n) ".On-us entry" means an entry that credits or debits an entity that provides clearing,delivery and settlement services for entries, account maintained with us. as further defined in the rules. (b) "Authorized representative." means each person (o) ".Receiver." means the person or entity that has identified in your ACH origination service profiles as they are in effect at authorized you to initiate a debit or credit entry to the account of that the relevant time, who is authorized (unless otherwise indicated in your person or entity maintained at the RDFI as further defined in the rules. service profiles) to give us instructions and to verify the total dollar (p) ",RDFI" means the receiving depository financial amount of entries in a file by submitting control totals(as defined below) institution as further defined in the rules, in writing, by a method acceptable to us, or through our phone authorization Line, or"PAL"system, if you have elected to use our PAL (q) ".Rules." means the Operating Rules and Operating system. Guidelines adopted by NACHA,as in effect at the relevant time. (c) ".Batch" means entries that have been grouped together (r) ".Third-party sender." means a person that is not an and that have the same effective entry date and entry class code and originator that has authorized an ODFI (or another third-party sender)to that settle to the same designated account. transmit,for the account of the third-party sender(or another third-party sender), (i)a credit entry to the account of a receiver with an RDFI (or,if (d) ".Business day."means Monday through Friday,excluding the receiver is also the RDFI, to such receiver) in order to effect a banking holidays. payment from the originator to the receiver, or (ii)a debit entry to the (e) ".Cut-off deadline." means the time on a business day by receiver's transaction account or general ledger account with an RDFI which we must receive an entry for processing on that business day as (or, if the receiver is also the RDFI, to such receiver) in order to effect a we update it from time to time, payment from the receiver to the originator. (f) ".Designated account" means the account(s) to be used 4.

ACH Operator means the Trinidad and Tobago Interbank Payments System Limited.

ACH Operator means either the Federal Reserve ACH Operator or the EPN (Electronic Payments Network) private ACH Operator. ACH Requirements means the Uniform Commercial Code, applicable state and federal laws and regulations, including, without limitation, the Electronic Funds Transfer Act and Federal Reserve Regulation E, all applicable Federal Reserve Bank operating circulars, including without limitation Operating Circular No. 4, applicable Federal Reserve Bank procedures, and the Internal Revenue Code and Internal Revenue Service regulations (with respect to federal tax payments made through the ACH system) and including the ACH Rules. ACH Rules means the current rules, regulations, operating procedures and guidelines of NACHA. ANSI X9.37 Standards refers to the Accredited Standards Committee X9 standards and technical guide Specifications for Electronic Exchange of Check and Image Data. Banking Day means Monday through Friday, excluding weekends and Federal holidays, even if we are open for business. Beneficiary means the person to be paid on a Payment Order by the beneficiary’s bank. Business Day means a day on which a person is open for transaction of general business. Cashier’s Checks means checks drawn by the Bank on itself.

ACH Operator means a Federal Reserve Bank or other entity that provides clearing, delivery and settlement services for entries, as further defined in the rules.

ACH Operator means an entity, including but not limited to the Federal Reserve Bank, that acts as a central facility for the clearing, delivery, and Settlement of Entries between or among Participating DFls.