Prefund definition

Prefund means to pay, in actually and finally collected funds, to this Bank the total amount of all ACH credit originations shown on a Notice of Origination before sending the items to this Bank for processing.
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Examples of Prefund in a sentence

  • Customer may Prefund its credit originations by transfer from another depository institution, or by maintaining a sufficient balance of actually and finally collected funds in the designated account.

  • If Customer fails or refuses to Prefund the full amounts of its ACH credits in a cycle, the Bank may, at its sole discretion, refuse to process Entries that have not been Prefunded.

  • Unless Customer indicates that it will Prefund in another way and actually do so, Customer authorizes the Bank, prior to processing the Entries, to deduct from the designated account the amount needed to Prefund the ACH credits.

  • Each Advance Contribution shall be funded from the Prefund Account and shall reduce the balance of the Prefund Account on a dollar for dollar basis.

  • Notwithstanding anything to the contrary contained herein, HQY shall not be required to administer any Advance Contributions under the Program, if the balance of the Prefund Account is less than a requested Advance Contribution.

  • Once an amount equal to the Advance Contribution made to such Account ▇▇▇▇▇▇'s HSA has been funded to the Prefund Account, any and all additional payroll contributions shall be included in the Account Holder's HSA.

  • HQY shall generate a bi-weekly invoice setting for the amount to be funded by Employer to replenish the Prefund Account to the Required Amount and reimburse HQY for any amounts advanced to the Prefund Account by HQY in respect of requested Advance Contributions made in excess of the available balance of the Prefund Account, which such amount shall be funded by Employer within 2 days of receipt of the invoice in accordance with the directions set forth therein.

  • If upon the termination or non-renewal of this Agreement there are any funds in the Prefund Account, HQY shall transfer such funds to an account designated to HQY by Employer in writing.

  • Employer shall fund a non-interest bearing account maintained by HQY from which all Advance Contributions (as defined below) shall be made (such account, the "Prefund Account").

  • Employer shall maintain a balance in the Prefund Account of not less than 4% of the aggregate Advance Available Amount of all Account Holders or such other amount as determined by mutual agreement of HQY and Employer from time to time (the "Required Amount").