Provisional Credit Clause Samples

Provisional Credit. Ownership of Secured Funds. Bank will post provisional credit in the Account for Secured Funds on the business day Bank receives the Report subject to Bank’s normal deposit cutoff hours and to any reserves Bank establishes. For example, if Client causes Client’s Smart Safe Courier to transmit to Bank a Report of Monday's receipts in the cassettes after the close of business on a Monday and prior to Bank’s processing cutoff time on Tuesday, the amount of Secured Funds reported in that Report will be reflected in the Designated Account for Tuesday assuming Tuesday is a business day. All credit Bank gives Client for deposits is provisional and subject to verification and correction for the amount of Secured Funds actually received by Bank including for errors, counterfeit currency and miscounts. If the contents of the Smart Safe for which Bank gave Client provisional credit are not delivered to the Virtual Vault location approved by Bank in the set up process at the next scheduled pickup, or if the amount of Cash delivered to Bank or the Virtual Vault is less than the amount reported in the Report, then regardless of the reason or circumstances, Bank will reverse any excess credit Bank gave Client and in any case Client is obligated to Bank for any adjustment and related effects. To the extent Client retains any interest in the Secured Funds by operation of law or otherwise, Client hereby grants Bank a security interest in all such Secured Funds.

Provisional Credit. Any credits to the Operating Account are provisional only and subject to revocation by Bank until such time that the Transaction is final and no longer subject to Chargeback by the Issuer, Cardholder or Associations. Bank may withhold payment for a Transaction to Merchant, for any reason, until such time as the Transaction has been verified as legitimate by the relevant Issuer, or Bank receives adequate supporting documentation from Merchant to authenticate the Transaction and mitigate Chargeback risk.

Provisional Credit. You acknowledge that the Rules make provisional any credit given for an entry until the financial institution crediting the account specified in the entry receives final settlement. If the financial institution does not receive final settlement, it is entitled to a refund from the credited party and the originator of the entry will not be deemed to have paid the party.

Provisional Credit. All payments into Your Bank Account pursuant to sections 3.4, 3.5 and 4 are subject to (i) audit and adjustment by Elavon for inaccuracies or errors, (ii) Chargebacks, (iii) all other Fees and Adjustments; and (iv) any conditional credit Elavon may elect to grant for individual or groups of Transactions.

Provisional Credit. Client acknowledges that credit for a payment order is provisional until the receiving financial institution obtains final settlement. If final settlement does not occur, the originator of the payment order is not deemed to have made payment to the beneficiary, and the beneficiary's bank is entitled to a refund of the provisional credit. Client agrees that when Bank gives Client credit for an incoming payment order, including but not limited to, returned credited transactions or credit reversals, it is provisional until Bank receives final settlement for the payment order. Bank may delay availability of provisional funds at its discretion. If Bank does not receive final settlement, Client must return the funds previously credited to Client's account to Bank, and the person who sent the payment order will not be treated as having paid Client. Bank may refuse to permit the use of any amount credited for an incoming payment order, including but not limited to a debit entry or credit reversal if Bank believes in its sole discretion that there may not be sufficient funds in Client's account to cover chargeback or return of such transaction.

Provisional Credit. You agree that any credit by us to you for any Loan Transfer is provisional until we have received final settlement for such Loan Transfer. We may delay availability of provisional credit at our discretion. If final settlement is not received, we are entitled to and you agree to pay a refund of the amount credited; we may charge your account for the amount due.

Provisional Credit. You acknowledge that credit for a payment order is provisional until the receiving financial institution obtains final settlement. If final settlement does not occur, the originator of the payment order is not deemed to have made payment to the beneficiary, and the beneficiary’s bank is entitled to a refund of the provisional credit. You agree that when we give you credit for an incoming payment order, including returned credited transactions or credit reversals, it is provisional until we receive final settlement for the payment order. We may delay availability of provisional funds at our discretion. If we do not receive final settlement, you must return the funds previously credited to your Account, and the person who sent the payment order will not be treated as having paid you. We may refuse to permit the use of any amount credited for an incoming payment order, including a debit entry or credit reversal, if we believe, in our sole discretion, that there may not be sufficient funds in your Account to cover chargeback or return of such transaction.

Provisional Credit. All items are credited to your account or cashed against your account on a provisional basis that may be revoked if payment of the item is not received. You agree that for any item not paid, returned unpaid, that we believe will be returned unpaid, or is returned pursuant to any applicable operating or clearinghouse rules, the Bank may charge back the item against your account without regard to whether such item was returned within any applicable deadlines. At our option and without notice to you that an item has been returned, we may resubmit any returned item for payment. You waive notice of nonpayment, dishonor, and protest regarding any items credited to or charged against your account. You further agree that regardless of any final settlement, if an item is cashed against your account or deposited to your account and is unpaid or is returned to us based upon a breach of warranty claim or any other reason, we may deduct the amount of the item from your account, or place a hold on your account for the amount of the item until liability for the item is determined.

Provisional Credit. Client acknowledges that credit for a payment order is provisional until the receiving financial institution obtains final settlement. If final settlement does not occur, the originator of the payment order is not deemed to have made payment to the beneficiary, and the beneficiary's bank is entitled to a refund of the provisional credit. Client agrees that any payment by Bank to Client for any debit Entry, returned credit Entry or credit Reversal is provisional until Bank has received final settlement for such Entry. Bank may delay availability of provisional funds at its discretion. If final settlement is not received, Bank is entitled to and Client agrees to pay a refund of the amount credited; and Bank may charge Client's account for the amount due. Bank may refuse to permit the use of any amount credited for a debit Entry or credit Reversal if it believes that there may not be sufficient funds in Client account to cover chargeback or return of such Entry or Reversal. The cutoff hour applicable to ACH Entries is reflected in the Supporting Documents. An Entry is considered executed when Bank executes it. If Entry data is received after the cutoff hour or on a day that is not a business day, Bank will automatically process the request the following business day.