Same Day ACH Origination Clause Samples
The Same Day ACH Origination clause establishes the terms under which a party can initiate Automated Clearing House (ACH) transactions that are processed and settled on the same business day. This clause typically outlines eligibility requirements, submission deadlines, and any additional fees or restrictions associated with same-day processing. By defining these parameters, the clause enables faster movement of funds, which can be critical for urgent payments or payroll, and helps both parties understand the operational and financial implications of using expedited ACH services.
Same Day ACH Origination. The Customer will deliver each same day ACH Entry (refer below for the definition of a “Qualifying Entry” for same day ACH) or file of same day ACH Entries to Bank no later than 12 p.m. Central Standard Time on the settlement date or in a schedule mutually agreed upon by Customer and Bank incorporated herein. All Entry information so delivered shall be in the medium required by the Bank and the format required by the Rules. For purposes of this Agreement, a Banking Day is every day on which the Bank is open to the public for purposes of carrying on substantially all of our business, except Saturdays, Sundays, and holidays that are observed by the Federal Reserve Bank. In order to qualify for same day ACH, Entries transmitted by Customer must meet the following characteristics (Qualifying Entries):
Same Day ACH Origination. Customer will deliver each same day ACH Entry or file of same day ACH Entries to Bank no later than the Cut-Off Time on the settlement date. Same day ACH Entries must comply with the Operating Rules and Bank’s requirements and restrictions as disclosed to Customer from time to time.
Same Day ACH Origination. For same day ACH Origination, you will delivery each same day ACH entry or file of same day ACH entries to us prior to 9 a.m. Pacific Standard Time on the settlement date or in a schedule mutually agreed upon by us. All entry information so delivered shall be in the medium required by us and the format required by the ACH Rules. In order to qualify for same day ACH, entries transmitted by you must meet all of the following characteristics:
(a) Have an effective entry date equal to the current date (settlement date);
(b) Be less than or equal to the dollar threshold currently specified by NACHA for same day ACH entries;
(c) The file is to contain PPD or CCD SEC codes unless others are specifically requested;
(d) In the event an ACH file is transmitted by you which contains a mix of qualifying and non- qualifying ACH entries, we will make reasonable attempts to originate qualifying entries the same day and non-qualifying entries on the next Business Day; however, we will not be responsible for any delay in same day settlement caused by your comingling of qualifying and non-qualifying entries or any other consequences incurred due to delayed settlement. Typically, same day ACH entries cannot be mixed in the same batch with regular ACH entries.