PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as otherwise provided for in this Agreement and if Financial Institution elects to accept Entries, Financial Institution shall:
(a) (i) use commercially reasonable efforts to comply with the instructions of Member Client, (ii) process Entries received from Member Client to conform with the file specifications set forth in the Rules, (iii) transmit such Entries as an ODFI to the "ACH" processor selected by Financial Institution, (iv) settle for such Entries as provided in the Rules, and (v) in the case of a credit Entry received for credit to an account with Financial Institution ("On-Us Entry"), Financial Institution shall credit the Receiver's account in the amount of such credit Entry on the Effective Entry Date contained in such credit Entry provided such credit Entry is received by Financial Institution at the time and in the form prescribed by Financial Institution in Section 5.
(b) transmit such Entries to the ACH processor by the deposit deadline of the ACH processor, provided:
(i) such Entries are completely received by Financial Institution’s cut-off time at the location specified by Financial Institution to Member Client from time to time; (ii) the Effective Entry Date satisfies the criteria provided by Financial Institution to Member Client; and (iii) the ACH processor is open for business on such Business Day. Member Client agrees that the ACH processor selected by Financial Institution shall be considered to have been selected by and designated by Member Client. The Member Client will receive immediately available funds for any electronic debit entry initiated by it on the Settlement Date applicable thereto in accordance with the Rules.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as otherwise provided for in these Terms and to the extent Bank elects to accept Entries irrespective of the provisions below, Bank shall:
k.1 use commercially reasonable efforts to comply with the instructions of Customer, (ii) process Entries received from Customer to conform with the file specifications set forth in the Rules, (iii) transmit such Entries as an ODFI to the ACH processor selected by Bank, (iv) settle such Entries as provided in the Rules, and (v) in the case of an On-Us Entry, Bank shall credit the Receiver's account in the amount of such credit Entry on the date contained in such credit Entry provided such credit Entry is received by Bank at the time and in the form prescribed by Bank in Section E; and
k.2 transmit such Entries to the ACH processor by the deposit deadline of the ACH processor, provided: (i) such Entries are completely received by Bank’s Cut-Off Time at the location specified by Bank to Customer from time to time, (ii) the Effective Entry Date (as defined in the Rules) satisfies the criteria provided by Bank to Customer, (iii) the ACH processor is open for business on such Business Day, and (iv) no basis exists for Bank to reject the Entry.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. (a) Except as provided in Section 4, the Financial Institution shall (i) process entries received from the Originator to conform with the file specifications set forth in the Rules, (ii) transmit such Entries as an Originating Depository Financial Institution to FRB (the "ACH Operator"), and (iii) settle for such entries as provided in the Rules.
(b) The Financial Institution shall transmit such entries to the ACH Operator by the deadline set forth in the attached Schedule [B] [one business day] prior to the Effective Entry Date shown in such entries, provided (i) such entries are received by the Financial Institution's related cut-off time set forth in attached Schedule [B] on a business day, (ii) the Effective Entry Date is at least 1(one) day after such business day, and (iii) the ACH Operator is open for business on such business day.
(c) If any of the requirements of clause (i), (ii), or (iii) of Section 5(b) are not met, the Financial Institution shall use reasonable efforts to transmit such entries to the ACH Operator by the next deposit deadline on which the ACH Operator is open for business.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. (a) Entries and all Entry-related requests shall be presented to Financial Institution by electronic means only in accordance with Schedule “A” and the security procedures in Schedule “B” attached hereto. Except as provided in Section 8, “On-Us Entries,” and Section 9 “Rejection of Entries,” and provided that the Entries conform to Section 3, “Transmittal of Entries by Company” of this Agreement and the security procedures, Financial Institution shall (i) process Entries received from Company to conform with the File specifications set forth in the Rules, (ii) transmit such Entries as an ODFI to the appropriate Automated Clearing House Operator (“ACH Operator”), and (iii) settle for such Entries as provided in the Rules.
(b) Financial Institution shall transmit such Entries to the ACH Operator by the deadline of the ACH Operator set forth in Schedule “A” attached hereto prior to the Effective Entry Date shown in such Entries, provided (i) such Entries are received by Financial Institution’s related cut-off time set forth on Schedule “A” on a Business Day, (ii) the Effective Entry Date is at least one day after such Business Day and (iii) the ACH Operator is open for business on such Business Day. For purposes of the Agreement, (a) a “Business Day” is a day on which Financial Institution’s corporate office is open for carrying on substantially all of its business (generally, Monday through Friday, except for federal holidays), and (b) Entries shall be deemed received by Financial Institution when the transmission (and compliance with any related security procedures provided for herein) is completed and received by Financial Institution as provided in Schedule “A.”
(c) If any of the requirements of clause (i), (ii) or (iii) of Section 7(b) are not met, Financial Institution shall use reasonable efforts to transmit such Entries to the ACH Operator by the next deposit deadline of the ACH Operator following that specified in Schedule “A,” which is a Business Day and a day on which the ACH Operator is open for business.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as otherwise provided for in this Agreement and if Financial Institution elects to accept Entries, Financial Institution shall:
(a) (i) use commercially reasonable efforts to comply with the instructions of Company,
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as provided Section 5, Rejection of Entries, UFCU shall (i) process requests for Entries received from You that comply with this Agreement and the Rules, (ii) create Entries on your behalf, and serve as their Originator, as such is defined in the Rules, (iii) settle for such Entries as provided in the Rules and (iv) transmit such Entries as an Originating Depository Financial Institution to the applicable Automated Clearing House ("the ACH") acting as an Automated Clearing House Operator. There are 2 methods of member verification:
(1) Instant Verification: You will be directed to put in online banking and or mobile credentials at another Financial Institution You are affiliated with to add your account into the application.
(2) Micro-Transactions- To add an external account manually, the member can start typing in the search bar or scroll to the bottom of the list of financial institutions. They will then Click "My bank is not on the list enter account manually". Then Enter the required information. The user will be given additional information and further instruction about manually linking their account via micro deposit. A $0.01 deposit will be sent within 3 business days with a 4 digit code to verify banking information. The code can then be entered in to complete the verification process within 7 days.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. (a) Except as provided in Section 6, On-Us Entries and Section 7, Rejection of Entries. Financial Institution shall (I) process Entries received from Customer to conform with the file specifications set forth In Rules. (II) transmit such Entries as an Originating Depository Financial Institution to Dallas Federal Reserve Bank(the “ACH”) acting as an Automated Clearing House Operator, and (III) settle for such Entries as provided in the Rules.
(b) Financial Institution shall transmit or complete the necessary batch authorization of such ACH Entries by the Delivery Date deadline of the ACH set forth in Schedule A attached hereto prior to the Effective Entry Date shown in such Entries, provided (I) such Entries are received by Financial Institution’s related cut-off time set forth in Schedule C on a business day, (II) the Effective Entry Date is at least 2 days after such business day, and
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as provided Section 5, Rejection of Entries, UFCU shall (i) process requests for Entries received from You that comply with this Agreement and the Rules, (ii) create Entries on your behalf, and serve as their Originator, as such is defined in the Rules, (iii) settle for such Entries as provided in the Rules and (iv) transmit such Entries as an Originating Depository Financial Institution to the applicable Automated Clearing House ("the ACH") acting as an Automated Clearing House Operator. There are 2 methods of member verification:
(1) Instant Verification: You will be directed to put in online banking and or mobile credentials at another Financial Institution You are affiliated with to add your account into the application.
(2) Micro-Transactions- UFCU may make a small deposit and withdrawal to your account at your other financial institution. When you have verified that the transaction has taken place, enter the amount of that transaction by selecting the Manage Accounts tab and selecting the Verify link next to the account name. The transaction can take up to 3 to 5 business days to appear on your account. Once the transactions have been processed, you will have 45 days to verify the amount.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. First Volunteer Bank shall process entries from the Company that conform with ACH file specifications set forth in the Rules, transmit these entries as an Originating Depository Financial Institution (ODFI) to the Federal Reserve Bank (ACH Operator) and settle for such entries as provided by the Rules. We will transmit such entries to the ACH Operator provided such entries are received by First Volunteer Bank’s cut-off time (3:30 p.m. Eastern time) on a business day; the Settlement Date is at least two days later for Credit files and 1 day later for Debit files after such business day; and the Federal Reserve Bank is open. For purposes of this agreement, entries shall be considered received by First Volunteer Bank when a confirmation email is sent to the company.
PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. (a) Except as otherwise provided in this Agreement, including, but not limited to Section 6, On- US Entries and Section 7, Rejection of Entries, Third Party Sender and Financial Institution shall
(i) process entries received from Company to conform with the file specifications set forth in the Rules, (ii) transmit such Entries received as an Originating Depository Financial Institution to Electronic Payments Network (the ACH) acting as an Automated Clearing House Operator, and
(iii) settle for such Entries as provided in the Rules.
(b) Third Party Sendershould transmit such Entries by the deadline of the ACH set forth in Schedule C attached hereto two (2) business days prior to the Effective Entry Date shown in such Entries provided (x) such Entries are received by Third Party Sender related cut-off time set forth on Schedule C on a business day, (y) the Effective Entry Date is at least two (2) days after such business day, and (z) the ACH is open for business on such business day. For purposes for this Agreement, a “business day” is a day on which Financial Institution is open to the public for carrying on substantially all of its business other than a Saturday, Sunday or Federal Reserve or bank holiday, and Entries shall be deemed received by Third Party Sender and, in the case of transmittal by tape, when received by Third Party Sender and and in the case of transmittal by electronic transmission, when the transmission (and compliance with the Security Procedure) is completed as provided in Schedule B, if applicable.
(c) If any of the requirements of clause (x), (y), or (z) of Section 5(b) is not met, Financial Institution’s sole obligation shall be to use reasonable efforts to transmit, or to request Third Party Senderto transmit, such Entries to the ACH by the next deposit deadline of the ACH following that specified in Schedule C which is a business day and a day on which the ACH is open for business. Third Party Sender and Financial Institution shall have no liability for Company’s failure to meet requirements specified in Section 5 (b) clauses (x), (y) or (z).
