Common use of Account Reconciliation Clause in Contracts

Account Reconciliation. Customer agrees to notify Bank promptly of any discrepancy between the Customer’s records and the information shown on any periodic statement. If Customer fails to notify Bank within sixty (60) calendar days of receipt of a periodic statement containing such information; Customer agrees that Bank shall not be liable for any other losses resulting from Customer’s failure to give such notice or any loss of interest or any interest equivalent with respect to any Entry shown on such periodic statement. If Customer fails to notify Bank within thirty (30) calendar days of receipt of such periodic statement, Customer shall be precluded from asserting any discrepancy against Bank. Customer shall be bound by and comply with the ACH Rules as in effect from time to time, including without limitation the provision thereof making payment of an Entry by the RDFI to the Receiver provisional until receipt by the RDFI of final settlement for such Entry; and Customer acknowledges that it has received notice of that ACH Rule and or the fact that, if such settlement is not received, the RDFI shall be entitled to a refund from the Receiver of the amount credited and Customer shall not be deemed to have paid the Receiver the amount of the Entry. For Entries received by Bank to be credit to Customer’s account(s), Bank shall grant Customer's Account provisional credit, said amounts being credited to the account(s) subject to final payment by the ODFI and Originator. For the purpose of determining availability of funds, Bank may hold funds for the period of time permitted by Reg CC. For the purposes of determining the time for which funds may be held by Bank under Reg CC, the place of deposit shall be Greenville, South Carolina.