PAYMENT/SETTLEMENT FOR ACH SERVICES Sample Clauses

PAYMENT/SETTLEMENT FOR ACH SERVICES. ‌ Client agrees to pay for each Entry submitted to Bank and hereby authorizes Bank to debit Client’s Account for ACH credit Entries processed for Client either on the settlement date or on the date the ACH credit Entry file is transmitted to Bank if the Entry is prefunded. Bank shall credit Client's Account for the amounts of debit Entries processed for Client hereunder on the settlement date for such Entries; it being expressly understood, however, that each credit to Client's Account because of a debit Entry is provisional until Bank receives final settlement for such Entry, and Bank may charge-back to Client's Account the amount of any debit Entry credited to Client's Account for which Bank does not, for any reason, receive final settlement. Client authorizes Bank to credit Client's Account for any amount received by Bank by reason of the return or cancellation of any credit Entry transmitted by Bank for which Bank has previously received payment (such credit to Client's Account to be made on the date Bank receives such amount), and to debit Client's Account for the amount of any returned debit Entry (such debit to Client's Account to be made upon receipt by Bank of the returned Entry), and to debit or credit (as applicable) Client's Account for any amendments made to Entries or for corrected Entries resubmitted. In the event that Client’s Account on which any such Entry, amendment, or return was processed does not contain sufficient funds to pay for any such Entry, amendment, or return, Client agrees that Bank may debit any other Account; provided that if Client’s funds with Bank are insufficient to pay for any such amounts, then Client agrees to pay Bank immediately upon notice from Bank. Client agrees that upon termination of ACH Services by either Bank or Client, Bank may require Client to maintain an open Account with sufficient funds to accommodate any ACH Entries returned, or any other costs, associated with any ACH transactions occurring prior to the termination of ACH origination activities. This Account shall remain available for a minimum period of sixty (60) days, or longer if Bank believes, in its sole discretion, that such time extension is necessary to accommodate additional ACH Entry returns or associated costs.