RDFI definition

RDFI means Receiving Depository Financial Institution.

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RDFI or “Receiving Depository Bank” means a financial institution qualified by NACHA to receive ACH Transactions.

RDFI or “Receiving Depository Financial Institution” means the financial institution that receives the ACH Transactions from the ODFI through the ACH Network and posts these Transactions to the accounts of Receivers (defined below).

Examples of RDFI in a sentence

You acknowledge and agree that, if a Settlement File provided by you describes the Receiver inconsistently by name and account number, payment of the Entry transmitted to the RDFI might be made by the RDFI on the basis of the account number even if it identifies a person different from the named Receiver, and that your obligation to pay the amount of the entry to ODFI is not excused in such circumstances.
You must provide the original, copy, or other accurate record in such time and manner as to enable ODFI to deliver the authorization to a requesting RDFI within ten (10) Business Days of the RDFI’s request.
IMPORTANT NOTE: The first time you set up an account for external transfers, you will be asked to provide proof of ownership of your External Financial Institution (RDFI) account.

More Definitions of RDFI

RDFI refers to a Receiving Depository Financial Institution which receives Entries to credit or debit the accounts of its customers.

RDFI means the receiving depository financial institution (as defined in the Rules).

RDFI means the institution that receives ACH entries from the ACH Operator and posts them to the accounts of its depositors.

RDFI has the meaning set forth in the Nacha Rules.

RDFI means a receiving depository financial institution with respect to entries from its ACH Operator for debit or credit to the accounts of receivers and on which it is designated as the RDFI, as more fully defined in the NACHA Rules.

RDFI is an acronym for Receiving Depository Financial Institution. For instance, the Bank operates as an RDFI when it receives an entry from ACH and debits or credits your accounts as instructed by the entry.

RDFI or “Consumer’s Bank” means the Receiving Depository Financial Institution, or the consumer’s bank.