Common use of Early ACH Deposit Clause in Contracts

Early ACH Deposit. If applicable, for direct deposits that we accept to your Account, those funds you deposit with us may be available to you earlier than normal. In order for you to be paid early, your payroll or benefits payment provider must submit the deposit early. It is important to note that your payroll or benefits payment provider may not submit the deposit or payment early each payment period. Be sure to ask your payroll or benefits payment provider when they submit your deposit information to the bank for processing. Early deposit of funds will begin upon the 2nd qualifying deposit. To be eligible for early ACH, a qualifying deposit is defined as a direct deposit greater than $5.00 received from the same payer. Please note that even if we make funds available to you prior to our actual receipt, those funds will not be FDIC insured until we actually receive them.

Appears in 4 contracts

Samples: Pay Deposit Account Agreement, Deposit Account Agreement, Deposit Account Agreement

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!