ACH and Other Transactions. Under the operating rules that apply to ACH Transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item, and we will not do so. You agree that we may notify you of the receipt of ACH and other Transactions in the periodic statements we provide to you. If periodic statements are not provided to you, you agree that we are not obligated to provide you with notice of receipt of payments. ACH operating rules provide that credit given by us to you for ACH credit entries is provisional until we receive final settlement for the entry through a Federal Reserve Bank or otherwise receive final payment. If we do not receive final settlement, we are entitled to a refund of the amount credited to you in connection with the entry, and the party that originated the payment to you shall not be deemed to have paid you. You will be bound by these rules. ACH deposits are posted to your account no later than the settlement date, in accordance with the ACH operating rules. If the ACH is posted to your account earlier than the settlement date, we reserve the right to place a hold on availability until the settlement date. For both ACH credits and debits and funds transfers into your account, the account number will be the sole validation point for posting purposes regardless of whether the name of the receiver in the entry matches the name associated with the account number in the entry. However, in our sole discretion, we may return ACH credits and debits and funds transfers if member name and account number do not match. Your liability for unauthorized Transactions is discussed in the Electronic Funds Transfer section of this Agreement. If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the federal government for any reason, you authorize us to deduct the amount of our liability to the federal government from the account or from any other account you have with us, without prior notice and at any time, except where prohibited by law. We may also use any other legal remedy to recover the amount of our liability. Receivers of International ACH Transactions (IAT) should be aware that we may, from time to time, need to temporarily suspend processing of a transaction for greater scrutiny or verification against the Specially Designated Nationals (SDN) list. This action may affect settlement and/or availability.
