Overlimit Entry definition

Overlimit Entry means an Entry the amount of which would cause the aggregate amount of In-Process Entries to exceed the Entry Settlement Limit. Member Client agrees that Financial Institution will not process an Overlimit Entry. Financial Institution will suspend any Overlimit Entry submitted by Member Client and may, following its receipt of an Overlimit Entry; suspend all In-Process Entries. Member Client acknowledges that any Overlimit Entry or other In-Process Entries suspended by Financial Institution will not settle on their scheduled Settlement Date. If Member Client wishes to initiate an Entry that would cause the amount of In-Process Entries to exceed the Entry Settlement Limit, Member Client may submit to Financial Institution its request to initiate an Entry that otherwise would be an Overlimit Entry. Member Client must submit its request at least two (2) Business Days prior to the date on which Member Client wishes to initiate the Entry that otherwise would be an Overlimit Entry. Financial Institution may require from Member Client financial or other information in connection with Financial Institution's consideration of the request. Financial Institution may grant or deny Member Client's request at its sole discretion. In addition to the foregoing, Financial Institution generally reserves the right to limit the nature and amount of the preauthorized debit/credit Entries processed under this Agreement or to refuse to process any debit/credit Entries under this Agreement if, in Financial Institution's sole judgment (i) there is reasonable cause to believe that any Entry will be returned or will not settle in the ordinary course of the transaction for any reason, (ii) to do otherwise would violate any limit set by the applicable clearing house association or any governmental authority or agency to control payment system risk, or (iii) a preauthorized credit Entry or the return of a preauthorized debit Entry would create an overdraft of Member Client's accounts. If any of the foregoing actions are taken by Financial Institution with respect to a particular preauthorized debit/credit Entry, Financial Institution will notify Member Client as promptly as practicable, but in no event later than 2 Business Days after its decision. Member Client may not reinitiate entries except as prescribed by the Rules.

Overlimit Entry means an Entry the amount of which would cause the aggregate amount of In-Process Entries to exceed the Entry Settlement Limit.

Overlimit Entry means an Entry the amount of which would cause the aggregate amount of In-Process Entries to exceed the Entry Settlement Limit. Customer agrees that Bank will process an Overlimit Entry at Bank’s discretion. Bank may suspend any Overlimit Entry submitted by Customer and may, following its receipt of an Overlimit Entry; suspend all In-Process Entries. Customer acknowledges that any Overlimit Entry or other In-Process Entries suspended by Bank will not settle on their scheduled Settlement Date. Bank may provide Customer with temporary increase to the ACH limit, allowing origination of the Overlimit Entry. If Customer wishes to initiate an Entry that would cause the amount of In-Process Entries to exceed the Entry Settlement Limit, Customer may submit to Bank its request to initiate an Entry that otherwise would be an Overlimit Entry. Customer should submit its request at least two (2) Business Days prior to the date on which Customer wishes to initiate the Entry that otherwise would be an Overlimit Entry. Bank may require from Customer financial or other information in connection with Bank’s consideration of the request and Bank may grant or deny Customer's request at its sole discretion. In addition to the foregoing, Bank generally reserves the right to limit the nature and amount of the preauthorized debit/credit Entries processed under this Agreement or to refuse to process any debit/credit Entries under this Agreement if, in Bank's sole judgment (i) there is reasonable cause to believe that any Entry will be returned or will not settle in the ordinary course of the transaction for any reason, (ii) to do otherwise would violate any limit set by the applicable clearing house association or any governmental authority or agency to control payment system risk, or (iii) a preauthorized credit Entry or the return of a preauthorized debit Entry would create an overdraft of Customer's accounts. If any of the foregoing actions are taken by Bank with respect to a particular preauthorized debit/credit Entry, Bank will notify Customer as promptly as practicable, but in no event later than two (2) Business Days after its decision Customer may not reinitiate Entries except as prescribed by the Rules.

Examples of Overlimit Entry in a sentence

• Sub-Merchant must submit its request at least two (2) banking days prior to the date on which Sub-Merchant wishes to initiate the Entry that otherwise would be an Overlimit Entry.

• We may suspend any Overlimit Entry submitted by you and may, following receipt of an Overlimit Entry, suspend all In-Process Entries.

• You agree that we have no obligation to process an Overlimit Entry.

• Sub-Merchant agrees that Fattmerchant will not process an Overlimit Entry.

• You acknowledge that any Overlimit Entry or other In-Process Entries suspended by us will not settle on their scheduled Settlement Date.

• If Sub-Merchant wishes to initiate an Entry through Fattmerchant that would cause the amount of In-Process Entries to exceed the Entry Settlement Limit, Sub-Merchant may submit to Fattmerchant its request to initiate an Entry that otherwise would be an Overlimit Entry.

• Sub-Merchant acknowledges that any Overlimit Entry or other In-Process Entries suspended by Fattmerchant will not settle on their scheduled Settlement Date.

• Fattmerchant will suspend any Overlimit Entry submitted by Sub-Merchant and may, following its receipt of an Overlimit Entry, suspend all In-Process Entries.

• You acknowledge and agree that, because of the automated systems used to provide ACH services, if you submit any Overlimit Entry, then: ● The Overlimit Entry and any related In-Process Entry may be suspended and we will determine whether to approve the processing of all of those Entries; and ● Even if we determine to approve the processing of Entries in excess of your limits, the Overlimit Entry and related In-Process Entries may not settle on the Requested Settlement Date.

• With respect to each properly established ACH Recurring Payment, F&M BANK has (a) no duty to make any inquiries regarding the performance of any contract or the completion of any transaction between Company and the recipient of any Entry, (b) no obligation to Company other than to transmit each ACH Batch according to Company’s instructions, and (c) no liability if F&M BANK fails to transmit any ACH Batch due to an Overlimit Entry.

More Definitions of Overlimit Entry

Overlimit Entry means an Entry the amount of which would cause the aggregate amount of In-Process Entries to exceed the Entry Settlement Limit. “Password” means confidential, unique personal numbers, codes, marks, signs, public keys, or other information composed of a string of characters used as a means of authenticating and accessing a Service.

Overlimit Entry means an Entry that would exceed the daily or monthly aggregate limits that are set by the Bank in the Bank’s sole discretion. "Participating Depository Financial Institutions" means, collectively, the Bank and all other financial institutions holding accounts held by you and Recipients which are accessible through an applicable regional clearing house association.