Common use of Corporate ACH Receipt Clause in Contracts

Corporate ACH Receipt. Member may desire to receive paperless debit and credit Entries transactions through Alloya to its account(s) maintained at Alloya by means of the Automated Clearing House (ACH), and Xxxxxx shall receive transaction detail and settlement for debit or credit to an account of Member at Alloya. Therefore, the parties agree as follows: (A) Xxxxxx will act as the Receiving Depository Financial Institution and Member will be the Receiver. Alloya shall, in accordance with the National Automated Clearing House Rules (NACHA Rules), process, transmit, and settle any ACH Payment Order received from ACH Operators for debit or credit to the accounts of its Members. Alloya understands its obligation to provide all payment information, including addenda information, to Member. Payment related remittance information contained in addenda records of CCD and CTX entries will be provided to Member upon request. (B) Member will be responsible for notifying Alloya of any unauthorized or improper ACH Entries within the return deadlines as defined by NACHA Rules and prior to Xxxxxx’s cutoff time as published in Premier View. (C) Credit given by Xxxxxx to Member with respect to an automated clearing house credit Payment Order is provisional until Xxxxxx receives final settlement for such Payment Order through the originating or clearing institution, including Federal Reserve Banks. If Xxxxxx does not receive such final settlement, Member agrees that Xxxxxx shall be entitled to a refund of the amount credited to Member in connection with such Payment Order. If Xxxxxx does not receive final settlement, Member agrees that Xxxxxx may reverse the Payment Order on its records and adjust Member’s account accordingly and the Originator shall not be considered to have paid Member the amount of the Payment Order. (D) Member may request that Alloya place a block on all incoming ACH Entries resulting in all ACH Entries being returned by Xxxxxx as unauthorized.