Receiving Depository Bank definition

Receiving Depository Bank means a financial institution qualified by NACHA to receive ACH Transactions.
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Receiving Depository Bank or “RDFI” means a financial institution qualified by NACHA to receive transactions via the ACH Network. “Return Entry” means an Entry that cannot be processed and is being returned by the RDFI to the ODFI for correction or re-initiation.
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Examples of Receiving Depository Bank in a sentence

  • In the event any Entry is returned in accordance with the Operating Rules by a Receiving Depository Bank after WorkWave has provided credit, Sub-Merchant will, upon demand, repay WorkWave the amount of the Return Entry.

Related to Receiving Depository Bank

  • Securities Intermediary The meaning specified in Section 8-102(a)(14) of the UCC.

  • Depository Account includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon.

  • Lock-Box Bank means any of the banks or other financial institutions holding one or more Lock-Box Accounts.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Verification Agent As defined in Section 3.28.