Common use of Notifications of Change Clause in Contracts

Notifications of Change. Bank shall notify Client of all Notifications Of Changes (NOC) received by Bank relating to Entries transmitted by Client, no later than two business days after the business day of receipt. Notice by Bank, in Bank’s discretion may include notice by email to Client. Client must make the changes specified in an NOC or corrected NOC within six business days of receipt or prior to initiating another Entry to the Receiver's account, whichever is later. PREFUNDING; PAYMENT Bank may designate Client as "ACH Prefunding," and Bank may change Client's designation to or from ACH Prefunding at any time, with or without cause and at Bank's sole discretion. Bank will inform Client of Client’s designation as ACH Prefunding, and of any change in the designation. Client must have available funds, in the designated Settlement Account, of an amount equal to the sum of all credit Entries or debit Reversals related to entry data delivered to Bank at such time: (a) if Client is not designated ACH prefunding, no later than the day before the Settlement Date of the Entry transmitted to Bank; and (b) if Client is designated ACH Prefunding, no later than two days prior to the Settlement Date of the Entry transmitted to the Bank. INCONSISTENCIES If a Receiver of an Entry is identified by both name and account number, payment may be made by Bank and by any other financial institution based on the account number even if the name and the account number are not consistent or identify different parties. If an intermediary bank or a beneficiary’s bank is identified on a payment order by both name and account number, Bank and other financial institutions may rely on the account number even if the name and the account number are not consistent or identify different parties.