Customer’s Rights to Refund of Debit Entry Sample Clauses

Customer’s Rights to Refund of Debit Entry. Company acknowledges that a customer of Company (a “Customer”), under the Rules, has the right to obtain a refund of funds debited from the Customer’s Account by sending a notice to the RDFI that part or all of a Debit Entry was not authorized, and that the RDFI, in turn, may obtain payment of the amount of such Entry from Bank by transmitting an adjustment entry (as described in the Rules, and hereinafter referred to as an “Adjustment Entry”) in the amount of such refund. Company agrees to pay Bank the amount of (i) any such Adjustment Entry upon its receipt by Bank, and (ii) with respect to any On-us Entry, any refund paid by the Bank to a Customer in connection with such Customer’s claim that an Entry was, in whole or in part, not authorized.
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