Debit Entry definition
Debit Entry. “Debit Entry” means an ACH/EFT Transaction that is intended to withdraw funds from a Receiver’s account for deposit into AGENCY’s Settlement Account (defined below).
Debit Entry means an ACH order or request for the withdrawal of money from the Authorized Account of a Receiver.
Debit Entry means any entry by means of which a debit is posted to -
Examples of Debit Entry in a sentence
We will facilitate only Internet-Initiated/Mobile Entry (“WEB”) and Corporate Credit or Debit Entry (“CCD”) ACH transactions through the ACH Origination Service.
Customer will reimburse with good and collected funds in the amount required by Bank if, after settlement has been made by Bank, any Debit Entry is rejected or if any adjustment memorandum that relates to any such Debit Entry is received by Bank.
Customer acknowledges the right of a Receiver to obtain a refund of the funds debited from Receiver's account by such customer's sending of a notice to the Receiving Bank within applicable regulatory timeframes Such Receiver’s notice must state the error, and demand that the amount of the Debit Entry be credited back to Receiver's account.
Bank will either charge or credit Customer's Settlement Account for any Credit or Debit Entry initiated by Customer on the settlement date.
Where any customer has authorized Customer to initiate Debit Entries and the amount of billing day changes from the next preceding Debit Entry, Customer will notify such customer of the change at least seven 7 day before initiating the next Entry.
More Definitions of Debit Entry
Debit Entry. An ACH/EFT Transaction that is intended to withdraw funds from a Receiver’s account for deposit into Merchant’s Settlement Account (defined below). Laws – All international, national, regional and local regulations or laws which are applicable to the services provided herein. NACHA – National Automated Clearing House Association responsible for establishing, revising and enforcing the Operating Rules for the US ACH Network. ODFI – Originating Depository Financial Institution is the financial institution that receives ACH Transactions from Merchant through FORTE and then forwards these Transactions (defined below) to the ACH Network. Originator – A Merchant who has contracted with FORTE to initiate ACH entries, on their behalf, to the ACH Network. Payment Association – Any entity governing a payment network, including but not limited to VISA, M/C, Discover, American Express, NACHA, CPA. Payment Association Resources - PCI-DSS – System security measures established by the various credit card companies, known as the Payment Card Industry Data Security Standards. RDFI – Receiving Depository Financial Institution is the financial institution that receives the ACH Transactions from the ODFI through the ACH Network and posts these Transactions to the accounts of Receivers (defined below). Receiver –An entity or individual consumer that has an established account with a card issuer or financial institution upon which a Transaction is or may be acted upon. Reserve – A specific amount of money that is held in your Merchant account to be used by FORTE to offset amounts owed to FORTE for Services provided, such as returned items, chargebacks, fees/fines, billing or other Merchant obligations to FORTE that FORTE is unable to collect from Merchant. Returned Entries – Any Transaction that is not able to be completed successfully and is returned/rejected back to the Originator. Rules – The operational rules, policies and procedures established by each applicable Payment Association to govern all transactions and parties that participate in the associated payment network. Settlement Account – An account established and maintained by Merchant with a financial institution through which the following may occur: (a) deposit of funds for Debit Entries, (b) the extractions of funds for Credit Entries, reserve funds or fee obligations unless otherwise agreed to by the parties. Settlement Entry – A Debit or Credit Entry to Merchant’s Settlement Account which corresponds to the net...
Debit Entry refers to an ACH entry resulting in a debit to a designated Receiver’ account.
Debit Entry. An ACH Transaction that is intended to withdraw funds from a Receiver’s account for deposit into Merchant’s Settlement Account (defined below).
Debit Entry. An Entry that you initiate with us to debit funds from an account at another financial institution and transfer the funds to your Account.
Debit Entry means an Entry originated by you to transfer funds from the account of a Designated Account Holder.
Debit Entry initiated by Supplier and a “Credit Entry” initiated by a Provider with respect to Transactions made through the System will have the meanings as defined under the NACHA Rules, and are collectively referred to as "Entries".
Debit Entry means an Entry that requires collection from the Receiver’s Account. User(s) – those individuals whom the System Administrator designates to access one or more Accounts through one or more online Services. This Treasury Management Services Agreement acts as Client’s authorization to allow the Users to access and process transactions, which may directly affect Client’s Accounts and liability to Bank. Dual Control – when a Service requires an Entry to be made by one User and confirmed by another User, each using the Security Procedure described for the Service. EDI / Electronic Data Interchange – an electronic communication method that transmits formatted data. Effective Entry Date – the expected settlement date of an ACH Entry as provided by the Originator. Electronic Transmission – the means by which Client or Bank may elect to send or receive instructions or reports related to Services, including, without limitation, facsimile transmission, voice mail, secure email, DocuSign (or an electronic signature provider accepted by Bank), or other electronic or telephonic methods. Equipment – any hardware, communications devices or other equipment required to use a Service. Exception – may be an Exception Check or Exception Item or Exception Entry that does not match the requirements established by Client or by the Service. Exception File – a record describing Exceptions that is provided by Bank to Client. FDIC/Federal Deposit Insurance Corporation – insures the deposits held by Bank. Federal Reserve – the Board of Governors of the Federal Reserve System, a federal bank regulator for Bank responsible for rulemaking under parts of Applicable Law. Fedwire – the funds transfer system owned and operated by the Federal Reserve Banks that is used primarily for the transmission and settlement of Payment Orders governed by the Fedwire Regulation but does not include the system for making ACH transfers.