Common use of Amending/Canceling a Transaction Clause in Contracts

Amending/Canceling a Transaction. Unless this Agreement or Customer’s user guide for the Service provides otherwise, Customer does not have a right to cancel or amend an instruction (e.g., an ACH payment) once the Bank has received it. If the Bank attempts to reverse a transaction at Customer’s request, the Bank assumes no liability for any interest or losses that result if the reversal is not effected. Requests to cancel a transaction must state the exact amount (dollars and cents) of the transaction Customer wishes to stop. Customer agrees to indemnify, defend, hold harmless, and reimburse the Bank for all expenses, losses, claims, actions, proceedings, and damages the Bank incurs in effecting or attempting to effect any reversal. Customer is solely responsible for providing notice to the receiver/beneficiary that a reversal is being transmitted and the reason for the reversal no later than the settlement date of the reversing entry.

Amending/Canceling a Transaction. Unless this Agreement or Customer’s user guide for the Service provides otherwise, Customer does not have a right to cancel or amend an instruction (e.g., an ACH payment) once the Bank has received it. If the Bank attempts to reverse a transaction at Customer’s request, the Bank assumes no liability for any interest or losses that result if the reversal is not effected. Requests to cancel a transaction must state the exact amount (dollars and cents) of the transaction Customer wishes to stop. In addition to, and not in limitation of, any other indemnity obligations set forth herein, Customer agrees to indemnify, defend, hold harmless, and reimburse the Bank for all expenses, losses, claims, actions, proceedings, and damages the Bank incurs in effecting or attempting to effect any reversal. Customer is solely responsible for providing notice to the receiver/beneficiary that a reversal is being transmitted and the reason for the reversal no later than the settlement date of the reversing entry.