Addendum 2 – ACH Agreement
OCEAN CITY HOME BANK
ACH Origination Agreement
This Addendum should only be completed when a customer is requesting ACH Services on their Business Online
Banking. ACH Services gives the customer the capability to initiate ACH inside of our online banking, this is mostly used by
companies that either create or upload their payroll into online banking to pay their employees. ACH Services are subject to
an approval process. This Addendum will be kept on file with the original Business Banking Agreement.
Company Name:
Company Tax ID#:
Administrator Name:
Administrator ¹Email (required):
Authorized Dollar Limits for ACH Origination:
The Company listed below (referred to hereafter as Company) has requested that Ocean City Home Bank provide ACH
transaction origination services. Inherent to the implementation of any transaction origination service is a degree of risk
assumed by Ocean City Home Bank. It is possible for Company to expose the Bank to significant financial liability if Company
does not have sufficient funds on deposit in designated accounts reflected in this Agreement to settle ACH transactions or
returns. For this reason, it is necessary that you provide us with current financial information. This financial information will be
used to determine Company dollar limits for ACH transactions. Company will be authorized to originate ACH debits/credits
daily, according to the dollar limits specified below. The origination of ACH transactions will not proceed until Ocean City
Home Bank has approved these dollar limits. Ocean City Home Bank reserves the right to periodically review Company
financial information and adjust dollar limits, as it deems necessary. The Company acknowledges that all ACH transactions
must be done under dual control. Dual control is defined as two separate individuals, one of which maybe the Primary
Administrator, using separate PCs. The Company acknowledges that all ACH files/batches will be approved using a Token
device. A "Token" is a pocket-sized authentication device which displays a changing passcode on an LCD or e-ink display.
The passcode must be typed in at an authentication screen. The Token device is the property of Ocean City Home Bank and
must be returned when the account(s) are closed or ACH Services are discontinued. The Company acknowledges that they
will keep the Token device secure and locked up when the office is closed. In the event that a token is misplaced or lost, the
Company acknowledges that they are responsible for the fee to get a replacement Token. The Bank will replace any
misplaced, lost or defective tokens within 7 business days. The following types of ACH transactions may be originated using
Ocean City Home Bank’s Business Banking online banking product.
As stated in the Agreement of Terms: The Company will maintain an account with the Bank at all times during the term of this
Agreement. The Company will maintain in the account as of the applicable settlement date immediately available funds
sufficient to cover all credit entries initiated by it. The Company authorizes the Bank to debit its account on the applicable
settlement date in the amount of each entry. In the event there are not sufficient available funds in the account to cover
Company’s obligations under this Agreement, Company agrees that the Bank may debit any account maintained by Company
with the Bank or any affiliate of the Bank or that the Bank may set off against any amount owed by the Company to the Bank,
in order to obtain payment of Company’s or Guarantor’s obligations under this Agreement. This does not constitute a waiver
of any other obligation of the Company or any other Guarantors.
ACH Origination Type
PPD- Pre-arranged Payments
EFTPS
REQUIRED: Total $ Exposure of All ACH File Types Requested:
REQUIRED: All Accounts requesting ACH Services:
REQUIRED: Number of Tokens Requested:
*You will be issued a minimum of 2 Tokens, any use that will approve ACH batches or maintains a user will require a token.
Standard set up one-time fee is $75.00, Monthly fee is $25.00, Lost Token Replacement Fee $20.00________________
Completed By/Date:
Company ID:
For CCC Use Only
Reviewed By/Date:
Tokens Issued/Date:
Addendum 2 – ACH Agreement
Customer’s Acknowledgement:
I have reviewed the information contained herein, agree to its accuracy, acknowledge and agree to the items
listed below and authorize the Bank to make the changes indicated. Customer’s initials required for each item.
1.
2.
3.
4.
5.
6.
7.
8.
All ACH Batches/Files will be handled under dual control as outlined above.
If not using a dedicated PC, ACH files should not be initiated & approved on the same PC.
All PCs that are used for initiating & approving ACH files must comply with the Information Security Best Practices.
Sufficient Funds will be on deposit prior to the ACH Batch/File being sent to Ocean City Home Bank.
All Token Devices issued to my Company will be kept secure at all times and locked up when the office is closed.
It is the Company’s responsibility to notify Ocean City Home Bank immediately if a user that was issued a Token is no
longer with the Company or no longer has ACH services Approving Authority. The Company assumes all liability for
unauthorized activity until Ocean City Home Bank is notified that the Token must be deactivated.
It is the Company’s responsibility to notify Ocean City Home Bank immediately in writing or via email if a Token is
misplaced, lost or stolen.
In connection with my request for ACH services, I understand that a consumer and/or business investigative report may
be requested that may include but is not limited to my character, work habits, performance and history. The Fair Credit
Reporting Act gives you specific rights in dealing with consumer reporting agencies. A summary of these rights are
available upon request.
All Company Owners that own 20% or more of the business MUST sign the ACH Origination Request
form. Please Attach the Business’s Operating Agreement (for LLC) or Articles of Incorporation (for S
or C Corp.).
Company Owner Name:
Company Owner Tax ID#
Signature:
Date:
Company Owner Name:
Company Owner Tax ID#
Signature:
Date:
Company Owner Name:
Company Owner Tax ID#
Signature:
Date:
Company Owner Name:
Company Owner Tax ID#
Signature:
Date:
Company Owner Name:
Company Owner Tax ID#
Signature:
Date:
________________________________________________________
Ocean City Home Bank Employee Accepting ACH Origination Request
__________
Date
Amount Approved:
Underwriting Completed By Commercial Lending:
Date Approved:
Approved By Business Development/Executive VP: