Common use of Provisional Credit Clause in Contracts

Provisional Credit. Client acknowledges that credit for a payment order is provisional until the receiving financial institution obtains final settlement. If final settlement does not occur, the originator of the payment order is not deemed to have made payment to the beneficiary, and the beneficiary's bank is entitled to a refund of the provisional credit. Client agrees that when Bank gives Client credit for an incoming payment order, including but not limited to, returned credited transactions or credit reversals, it is provisional until Bank receives final settlement for the payment order. Bank may delay availability of provisional funds at its discretion. If Bank does not receive final settlement, Client must return the funds previously credited to Client's account to Bank, and the person who sent the payment order will not be treated as having paid Client. Bank may refuse to permit the use of any amount credited for an incoming payment order, including but not limited to a debit entry or credit reversal if Bank believes in its sole discretion that there may not be sufficient funds in Client's account to cover chargeback or return of such transaction.

Provisional Credit. Client acknowledges You acknowledge that credit for a payment order is provisional until the receiving financial institution obtains final settlement. If final settlement does not occur, the originator of the payment order is not deemed to have made payment to the beneficiary, and the beneficiary's ’s bank is entitled to a refund of the provisional credit. Client agrees You agree that when the Bank gives Client you credit for an incoming payment order, including but not limited to, returned credited transactions or credit reversals, it is provisional until the Bank receives final settlement for the payment order. The Bank may delay availability of provisional funds at its the Bank’s discretion. If the Bank does not receive final settlement, Client you must return the funds previously credited to Client's account to Bankyour Account, and the person who sent the payment order will not be treated as having paid Clientyou. The Bank may refuse to permit the use of any amount credited for an incoming payment order, including but not limited to a debit entry or credit reversal reversal, if the Bank believes believes, in its the Bank’s sole discretion discretion, that there may not be sufficient funds in Client's account your Account to cover chargeback or return of such transaction.