ACH Originator definition
Examples of ACH Originator in a sentence
To qualify Customer as an ACH Originator, Bank may require credit transactions to be prefunded.
The ACH Originator will submit to an automated clearing house data in the required form for the collection of the monthly payments from Subscribers bank accounts, which will be effected on the collection date, or if that date is not a banking day, the first banking day after such date.
CSG or, if applicable, its third party ACH Originator will be responsible for the disbursement, remittance and settlement of all funds.
The Subscriber payment amount submitted to the ACH Originator will be the statement balance if the statement balance is less than the current balance or if the statement balance is greater than the current balance, then the current balance will be used.
In addition, you may choose to pre-authorize ACH Entries by defining the Standard Entry Class code and ACH Originator ID for each authorized transaction.
Each day for which there are returns, the ACH Originator will initiate a debit to the Customer’s specified account for the total amount of debits received by ACH Originator that day.
Once approved as an ACH Originator, upon review of your business needs, you will be approved to transmit Entries using specific Standard Entry Class (SEC) Codes.
AB&T reserves the right to suspend or terminate AB&T’s services to Customer as an ACH Originator or any Customer agent acting as a Third-Party Sender for breach of the prevailing NACHA Operating Rules and Guidelines upon AB&T providing no more than ten (10) Business Days’ advance Notice to Customer concerning Customer or Third-Party Sender’s breach of the NACHA Operating Rules and Guidelines.
An ACH Block may be set for all ACH Entries, Debit or Credit Entries, a specific type of entry (Standard Entry Class), a particular ACH Originator (Company), or a specific ACH Entry (each, an “ACH Block Order”).
The duties of Member set forth in the following paragraphs of the ACH Originator Agreement in no way limit the requirement of complying with the NACHA Rules or any of the rules contained within the MMA.