Automatic Clearing House. Bank agrees to initiate as well as receive Automatic Clearing House (“ACH”) transactions as requested by County through the Bank’s approved web-hosted application. Bank agrees to notify County of any rejected or returned ACH item generated by County by sending email notifications. County agrees to transmit direct deposit information to Bank using the Federal Reserve standard ACH format through the Bank’s web-hosted application by 4:00pm at least one
Automatic Clearing House. Bank agrees to initiate as well as receive Automatic Clearing House (“ACH”) transactions as requested by City through the Bank’s approved web-hosted application (City agrees to the terms under a separate contract). Bank agrees to notify City of any rejected or returned ACH item generated by City by sending email notifications. City agrees to transmit direct deposit information to Bank using the Federal Reserve standard ACH format through the Bank’s web-hosted application by 3:00pm at least one (1) business day prior to the City’s payday.
Automatic Clearing House. Borrower acknowledges that Bank shall require Borrower to maintain an Automated Clearing House (“ACH”), auto pay account established with Bank that will be pre- authorized by Borrower to permit Bank to debit Borrower’s Account for the payment of all amounts that become due on the Obligations. If Borrower chooses to establish and designate another financial institution’s (“Alternative Bank”) ACH, auto pay account for its payments under this Agreement or use any other payment methods other than the Bank’s ACH, auto pay account, it shall pay Bank a monthly servicing fee equal to four tenths percent (0.40%) of the average monthly principal balance of the Revolving Loans (the “Servicing Fee”) beginning on the month following Borrower’s designation of such Alternative Bank’s ACH, auto pay account as its account for payment under this Agreement and continuing on a monthly basis thereafter. Such Servicing Fee will be collected or automatically debited by the Bank on each monthly payment date. There will be no refund of any Servicing Fee that has been assessed or paid.
