Pre-notification definition
Pre-notification or “Pre-note” means a zero dollar entry that may be sent through the ACH at least seven (7) business days prior to live entries affecting an account at a financial institution.
Pre-notification means the notification given by Customer to Bank, prior to the initiation of the first dollar Entries, in accordance with the NACHA Rules, for distribution to the appropriate Receiving Banks that Customer intends to initiate an Entry or Entries to Receiver accounts pursuant to the authorization of such Receiver.
Pre-notification means a zero dollar entry sent prior to the first live ACH transaction to notify the receiving depository financial institution of future payments and verify account information.
Examples of Pre-notification in a sentence
Confirmation of Pre-Notification Waiver: I/We agree to waive all pre-notifications, including pre-notifications referred to in the Payments Canada Rules, and to reduce the Confirmation period for Electronic Agreements subject to verification, to three (3) calendar days.