Converted Check Entry definition
Converted Check Entry means the ACH entry that is derived from a check or other item when the item has been converted into an ACH entry. We use the resulting Converted Check Data for processing under the services. The ACH entry will then be honored or returned, in accordance with these Terms. “Converted Check Data” is the check number and check amount that are provided to us with an ACH file. The Converted Check Data is created by a payee or originating depository financial institution and in connection with the conversion of a check or other item into an ACH entry.
Examples of Converted Check Entry in a sentence
It will be rightful dishonor if we dishonor an item or Converted Check Entry: (a) when your Payment Default Option is “Return All” and a Suspect Item is not subject to a timely Pay Request Disposition Instruction; or (b) when your Payment Default Option is “Pay All” and the item is subject to a timely Return Request Disposition Instruction.
You agree to access our Online Banking Services daily and to review the Presented Items List and communicate to us whether any item and Converted Check Entry shown on the list are to be returned.