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Settlement Account definition

Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.
Settlement Account means the bank account of the Customer designated as the Settlement Account in the Customer Information Statement or such other bank account of the Customer as the Customer may notify CSBHK in writing from time to time;
Settlement Account means the transactional banking account held with an Australian bank which is nominated by the Investor on its Application Form;

Examples of Settlement Account in a sentence

  • Xxxxxxxx authorizes Bank to initiate debit and/or credit entries to the Settlement Account, the Reserve Account, or any other account maintained by Merchant at any institution, all in accordance with this Agreement.

  • Merchant authorizes Bank to debit via ACH the Settlement Account, Reserve Account, or any other account Merchant has at Bank or at any other affiliate or subsidiary of Bank or other financial institution for any amount Merchant owes Bank under this Agreement or under any other contract, note, guaranty, instrument or dealing of any kind now existing or later entered into between Merchant and Bank, whether Merchant obligation is direct, indirect, primary, secondary, fixed, contingent, joint or several.

  • Funds will be transferred to Merchant’s Settlement Account using ACH.

  • If Merchant terminates this Agreement, Bank shall have thirty (30) days from date of receipt of the notice to close Merchant’s Settlement Account.

  • In the event Merchant changes the Settlement Account, this authorization will apply to the new account.


More Definitions of Settlement Account

Settlement Account is the checking account or other acceptable deposit account Merchant maintains at a depository institution acceptable to Provider for credit of Transactions by Merchant Bank and debit of Credit Vouchers, Chargebacks, Processing Fees, any fines, assessments or fees assessed by Card Networks or other governmental agency or entity having authority, and other reimbursement to which Provider may be entitled under this Agreement.
Settlement Account means an account at a central bank, a settlement agent or a central counterparty used to hold funds or securities and to settle transactions between participants in a system;
Settlement Account. A deposit account at a financial institution designated by Carrier as the account to be debited or credited, as applicable, for Net Activity.
Settlement Account means an Account managed by DBS Private Bank, whether in Singapore Dollars or any other currency, for purpose of effecting settlement in relation to any Investment, Transaction and/or Service made available by us.
Settlement Account means an account maintained with a financial institution including with the Settlement Bank that acts as agent for Clearing Corporation to facilitate payments from or to Settlement Bank’s / Member’s Account in an Eligible Currency;
Settlement Account means an account held at a Payment Integrated Financial Institution that has been registered with XXXX for source funding or disbursement (or both) that belongs to a Subscriber, using that Payment Integrated Financial Institution’s ESA.
Settlement Account means the account maintained by a Member with CB as provided in Rule 3.1.1, and as the case may be, the account maintained by CB for the settlement of payments effected through CHATS or FPS and, in respect of a payment by or to a Member who pursuant to Rule 3.1.1 has more than one Settlement Account, the Settlement Account identified by the clearing code in the relevant instruction to effect the payment. It shall comprise two separate ledger accounts with separate account balances as follows: (i) the “CHATS Ledger Account” for the purpose of settlement of payments by or to the Member through CHATS and (ii) the “FPS Ledger Account” for the purpose of settlement of payments by or to the Member through FPS and for the purpose of conducting Balance-triggered Balance Sweeping Transactions and Transaction-triggered Balance Sweeping Transactions, and all references to payment to or by the CHATS Ledger Account or to or by the FPS Ledger Account shall refer to payments to or by the Settlement Account which shall be credited or debited to the relevant Member’s CHATS Ledger Account or the FPS Ledger Account (as the case may be).