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 transactional banking account held with an Australian bank which is nominated by the Investor on its Application Form;

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;

Examples of Settlement Account in a sentence

• In the event a Transaction is charged back for any reason, the amount of such Transaction will be deducted from AGENCY’s designated Settlement Account or any payment due to AGENCY.

• Xxxxxxxx agrees that Bank may charge or debit the Settlement Account for the amount of any Transaction processed under the Merchant Agreement, or any agreement Bank may have with any Merchant Affiliate, that results in a Chargeback, or for any Credit Transaction Receipt or other reimbursement or Processing Fees or other Merchant obligation to which Bank may be entitled under the Merchant Agreement.

• Bank at its sole and absolute discretion may require that each month Merchant deposit, or Merchant Bank may deposit by deducting from any provisional credit or payment due to Merchant or from any funds in the Settlement Account or any other deposit account of Merchant sums into the Reserve Account no later than the twentieth day of the month.

• Settlement of AGENCY’s funds for Transactions, less any Chargebacks or Returns, to AGENCY’s designated Settlement Account will occur within seventy-two (72) hours of origination excluding weekends and US federal banking holidays.

• Merchant authorizes Bank or its agents or designated representatives to initiate debit and credit entries and adjustments to the Settlement Account or the Reserve Account (described in Section 13 of the MPA) through the ACH settlement process for amounts due under the Merchant Agreement including membership dues and related fees and charges for ISO’s services.

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 the account maintained by Bank used for Settlement of all transactions initiated by use of a Card(s) by or on behalf of a Cardholder.

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 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 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 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. A deposit account at a financial institution designated by Carrier as the account to be debited or credited, as applicable, for Net Activity.