Common use of Automated Clearing House Entries Clause in Contracts

Automated Clearing House Entries. From time to time, we may receive electronic directions to add to or subtract funds from your account, known as ACH credits and debits. All ACH credits and debits the Bank receives for your account will be subject to the rules of the National Automated Clearing House Association and any other applicable ACH rules. You agree to be bound by these rules. Any credit given by the Bank to you for an ACH transaction shall be provisional until the Bank receives final payment. If we give you provisional credit for an ACH transfer but do not receive final payment, the originator of the transfer is not deemed to have made payment to you, and you become obligated to us for the full amount of the provisional credit without prior