Authorization and Processing Transfer Requests Sample Clauses

Authorization and Processing Transfer Requests. You are responsible for controlling access to the Services and for any limitations placed by you on the Services an authorized person may utilize. The fact that Bank is or may be made aware of, or could have discovered, any limitation on access to a Service does not make Bank obligated to enforce or attempt to enforce any limitation. You understand that each authorized person may utilize Services (including inquiries, transfers and account verification) without regard to any restrictions otherwise applicable to an account. For example, if an authorized person directs transfers from a given account, that person can initiate the transfers whether or not the employee has been authorized to do so according to the signature card applicable to the account. If an employee's signing authority is over account "A" but not over account "B," but the employee is given electronic access under this Agreement and Disclosure to transfer funds from account "B" to account "A," the employee could transfer funds from "B" to "A" and then withdraw funds from "A." Similarly, if an authorized person accesses an account without you having established a dollar limit applicable under the system for his or her access, transactions initiated under this Agreement and Disclosure are authorized even if the same transaction would have been beyond his or her authority had it been initiated other than under this Agreement and Disclosure. You agree that any arrangements with Bank to require two or more authorized signatures for transactions involving your accounts do not apply to transaction using the Services. If a transfer request (or a request for cancellation or amendment of a transfer request) received by Bank purports to have been transmitted or authorized by you, it will be deemed effective as your transfer request and you will be obligated to Bank for the amount of such transfer request, even though the transfer request was not authorized by you, provided Bank acted in compliance with the security procedure referred to in this Agreement and Disclosure (or any other applicable agreement) with respect to the transfer request. You and Bank agree that the authenticity of transfer requests and stop payment orders issued by you to Bank will be verified pursuant to the security procedures contained in the Services, and that such security procedures are commercially reasonable.