ATMs and Debit Cards Clause Samples
The "ATMs and Debit Cards" clause defines the terms and conditions governing a customer's use of automated teller machines (ATMs) and debit cards provided by a financial institution. It typically outlines how customers can access their accounts, perform transactions such as withdrawals, deposits, and balance inquiries, and sets forth any applicable fees or limits on usage. This clause also often addresses security measures, liability for unauthorized transactions, and procedures for reporting lost or stolen cards. Its core function is to establish clear rules and responsibilities for both the customer and the institution, thereby reducing misunderstandings and managing risks associated with electronic banking services.
ATMs and Debit Cards. (a) SELLER shall provide to BUYER no later than sixty (60) days prior to the Closing Date, a test tape, along with a file format or file layout and a production tape thirty (30) days before the Closing Date, containing customer name, card number, withdrawal limits, the Deposit Accounts activated by, accessible to or committed to such cards, issue dates and/or open dates, last transaction dates, and expiration dates as to all ATM and debit cards issued to customers of the SELLER for the Offices. SELLER shall cause its ATM processor to deactivate the operation of the SELLER ATM and debit cards completely or to deactivate or disconnect the Deposit Accounts from such SELLER ATM and debit cards no later than the business day cutoff on the date prior to the Closing Date so that all activity generated by the SELLER ATM and debit cards shall have settled prior to the Closing Date. All transactions and activity related to the SELLER ATM and debit cards following the Closing Date which are received or forwarded to SELLER will be accepted and forwarded by SELLER to BUYER along with all corresponding funds. SELLER thereafter agrees to immediately notify its processor to deactivate such ATM and debit cards and to forward all transactions related thereto directly to BUYER.
(b) SELLER agrees to deactivate the ATMs located at the Offices on or before the business day cutoff on the day prior to the Closing Date. Thereafter, BUYER shall reconfigure the ATMs to its standards for activation after the business day cutoff on the Closing Date.
(c) BUYER and SELLER agree to cooperate with each other to assure that all transactions originated through the ATM or originated with the ATM Cards prior to or on the Closing Date shall be for the account of SELLER and all transactions originated after the Closing Date shall be for the account of BUYER. A post closing adjustment shall be made in the manner set forth in Section 6.04 hereof to reflect all such transactions which cannot be reasonably calculated as of the Closing.
ATMs and Debit Cards. (a) In accordance with the provisions of Section 4.7 hereinabove, Seller shall provide to Purchaser and/or Purchaser's data processor, a test tape no later than sixty (60) days prior to the closing date and a production tape no later than thirty (30) days prior to the closing date so that Purchaser may produce AB or CCB ATM/Debit cards with the same PIN number as the customer is currently utilizing for their ATM/Debit card transactions prior to Closing. Both tapes shall include file formats and/or file layouts of all ATM/Debit card information and all related custumer information. Seller shall further provide any and all information and assistance required by Purchaser as are reasonable and customary in conversions of the kind contemplated by this Agreement. In addition, from the date that the production tape is produced until the Data Processing Conversion, Seller shall maintain, make available and deliver to Purchaser a manual log of all new/replacement cards issued, changes to existing cards/PIN numbers, and other such data so that Purchaser may make similar manual changes to cards being produced for customers to be used after the date of the Data Processing Conversion. Upon the Data Processing Conversion, Seller's Data Processor shall deactivate the operation of the Seller's ATM/Debit cards with respect to the Transferred Accounts. Purchaser and Seller agree to settle, on a daily basis, the net amount of ATM debits/credits associated with transferred accounts until the conversion date. Seller shall provide all necessary information and reports with respect to such ATM/Debit card activity on the Transferred Accounts so that Purchaser may appropriately debit/credit the Transferred Accounts for such ATM/Debit card activity and balance sais activity to the General Ledger or Settlement Accounts.
(b) Purchaser and Seller agree to cooperate with each other to assure that all transactions originated through the ATM or originated with the ATM Cards prior to or on the Closing Date shall be for the account of Seller and all transactions originated after the Closing Date shall be for the
ATMs and Debit Cards. (a) SELLER shall provide to BUYER, or SELLER shall cause a third party to provide to BUYER, on a date mutually agreed upon by SELLER and BUYER, information necessary to facilitate the conversion from SELLER’s systems to BUYER’s systems. All transactions and activity related to the VISION ATM and debit cards following the Closing Date which are received or forwarded to SELLER will be accepted and forwarded by SELLER to BUYER along with all corresponding funds. SELLER thereafter agrees to notify its processor to deactivate such ATM and debit cards and to forward all transactions related thereto directly to BUYER.
(b) SELLER agrees to deactivate the ATMs located at the Offices on or before the business day cutoff on the date mutually approved by BUYER and SELLER. Thereafter, BUYER shall reconfigure the ATMs to its standards for activation after the business day cutoff selected by BUYER and SELLER.
(c) BUYER and SELLER agree to cooperate with each other to assure that all transactions originated through the ATM or originated with the ATM Cards prior to or on the Closing Date shall be for the account of SELLER and all transactions originated after the Closing Date shall be for the account of BUYER. A post closing adjustment shall be made in the manner set forth in Section 6.4 hereof to reflect all such transactions which cannot be reasonably calculated as of the Closing.
ATMs and Debit Cards. (a) Upon the execution of this Agreement and again prior to the Closing Date, Seller shall provide electronic media, along with a file format, containing customer name, card number, withdrawal limits, the Deposit Accounts activated by, accessible to or committed to such cards, issue dates and/or open dates, last transaction dates, and expiration dates as to all ATM and debit cards issued to customers of the Seller for the Branches. Seller shall cause the deactivation of its debit cards at a time mutually agreed upon by the Buyer and Seller.
(b) Seller agrees to deactivate the ATMs located at the Branches at a time mutually agreed upon by the Buyer and Seller. Thereafter, Buyer shall reconfigure the ATMs to its standards for activation after the Closing Date.
(c) Buyer and Seller agree to cooperate with each other to assure that all transactions originated through the ATM or originated with the ATM Cards prior to or on the Closing Date shall be for the account of Seller and all transactions originated after the Closing Date shall be for the account of Buyer. A post-closing adjustment shall be made in the manner set forth in Section 6.04 hereof to reflect all such transactions which cannot be reasonably calculated as of the Closing.
ATMs and Debit Cards