Provisional Payment Disclosure
Credit given by Velocity Clearing to you with respect to an automated clearing house credit Entry is provisional until Velocity Clearing receives final settlement for such Entry through a Federal Reserve Bank. If Velocity Clearing does not receive such final settlement, you are hereby notified and agree that Velocity Clearing is entitled to a refund of the amount credited to you in connection with such Entry, and the party making payment to you via such Entry (i.e., the Originator of the Entry) shall not be deemed to have paid you in the amount of such entry.
Notice Disclosure
Under the Operating Rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, Velocity Clearing is not required to give next day notice to you of receipt of an ACH item and Velocity Clearing will not do so. However, Velocity Clearing will continue to notify you of the receipt of payments in the periodic statements we provide to you. Velocity Clearing may accept on your behalf payments to your account which have been Transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Indiana as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account.
Choice of Law Disclosure
Velocity Clearing may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of [New York], unless it has been otherwise specified in a separate agreement that the law of some other state shall govern.
| Deposit Type | Funds Availability |
| Electronic funds transfer (ACH) | 3rd business day after the day of deposit, if the deposit is received by 4 p.m. ET |
Reversing an ACH Payment
An ACH payment that has gone through may need to be reversed. National Automated Clearing House Association (NACHA) rules cover if and when a simple reversal is allowed. Your bank can only reverse payment for one of the following reasons:
- Wrong dollar amount: If the wrong amount was transferred (for example, $200.00 instead of $150.00); or
- Wrong account number: If a transfer had the wrong account number and the sender or recipient was not the right account; or
- Duplicate transaction: If a transfer goes through more than once, the duplicates would be reversed.
In the situations above, the reversal must take place within 2 business days from initial transaction date. The affected bank account owner must be notified that such account was debited in error by client.
ACH
Electronically transfer funds to and from client account. ACH transfers typically take 24-48 hours to process and are available for no charge. There is a limit of $30,000.00 per day for all ACH transfers. Each Automated Clearing House (ACH) deposit is promptly credited to your account. However, the money may not be available to use until up to six business days later, and we may decline to honor any debit that is applied against the money before the ACH has cleared. If an ACH does not clear, the deposit will be removed from your account, and you are responsible for returning any interest you received on it.