Common use of Reversing Entries Clause in Contracts

Reversing Entries. The Business Entity shall notify the Receiver that a reversing Entry has been transmitted to the Receiver's account no later than the Settlement Date of the reversing Entry. The Business Entity shall notify Extraco within 24 hours of discovering the error, but within 5 banking days after the settlement date. Please note that reversals are only successful if the funds are available to be returned. This notification must be made by telephone to the ACH Department at 000- 000-0000.

Reversing Entries. The Business Entity shall notify the Receiver that a reversing Entry has been transmitted to the Receiver's account no later than the Settlement Date of the reversing Entry. The Business Entity shall notify Extraco within 24 hours of discovering the error, but within 5 banking days after the settlement date. Please note that reversals are only successful if the funds are available to be returned. This notification must be made by telephone to the ACH Department at 000- 000-000-0000.