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Last modified
7/17/2007 8:40:51 AM
Creation date
12/2/2004 10:30:05 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9802
Resolution Title
North Star Bank Automated Clearinghouse Agreement
Resolution Date Passed
8/28/2000
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<br />8. Rejection Of Entries. <br /> <br />Financial Institution may reject any Entry which does not· comply with the requireIDeQts of <br />Section 1. Transmittal OfEntrles By Company. or Section 2, security Procedure. or which <br />contains an Effective Entry Date more than two days after the· business day such Entry is <br />received by Financial· Institution. Financial Institution may reject 811 On-Us:Entry, for any <br />reason for which an Entry may be retmned under the·R1iles. Financial Institution may reject any <br />Entry if Company has failed to comply with its account balance obligations under Section 12, <br />The Account. Financi~hJ.Stitution may ~ect any entry of Company which does IlOtadhere to <br />s¢eurity procedures as desc:ribedinSchedule B. Financial Institutiön shall notify Company by <br />phone,elec1romc transmission. including email or in writing of such rejectionno.1ater than the <br />business day such Entry woµJd otherwise have beelltmnsmitted by Financial Institution to the <br />ACH Of. in the case of an On-Us entry, its EffectiveEl1try Date. Notices of rejection shall be <br />effective when given. Financial InstiUltion shaJl have no liability to Company by reason ofth~ <br />rejection of any sw:hEntryor the fact 1œt such no~ce is ·not giv~ at àn earlier time than that <br />provided for herein. <br /> <br />9. Cancellation or Amendment Bv Company <br /> <br />Company shall have no right to cancel or amend any EIltry after its receipt by Financial <br />Institution. However, if such reque&1CODlplies with the security procedures desçribed in <br />Schc;dule B fQrthecancellation of Data, Financial InstitutiQnsball use reasonable çfforts to act <br />on a request by Company for èancellation of an Entry prior.toUanslI1itting it to the ACH or, in <br />the case of an On-Us Entry ,prior to crediting a Receivtn" s ~unt, but shall have no liability if <br />such cancellaûon isoot ~ffected. Company sball reimburse Financial Institution far any <br />expenses. losSes, or damages Financial Institution may incur in effectingoratteD1pting to effect <br />Company' srequest for.the œversal of an entry. <br /> <br />10. Notice Of R.etumed Entries. <br /> <br />Financial Institutión shall notify Company by phone, electrònÌc tnuWnission, including cmailor <br />in writing, of the receipt of a returned entry from the ACH no later than one business day after <br />the business day. of such receipt. Except.for an 'Entry retransmitted by COmpany in· accordance <br />with the requirements of Section 2, Transmittal of Entriea By Company ~ Financial Insûtution <br />shall have no obligation totetransmit arctUrned Entry to the ACH if Financial Institution <br />complied with the terms of this Agreement with respect to the.original Entry. <br /> <br />11. Payment bv ComØâDY for Entries. <br /> <br />Company shall pay Fínancial llistitution the 8Itlount of each Entry transmitted by Financial <br />Institution p1.ll'8UID1 to this Agreement within the time specified on Schedule B. <br /> <br />Page 4 of 12 <br />
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