Dual Control. You bear sole responsibility for determining and implementing effective and sufficient internal security controls in connection with each of your Services. We strongly recommend that your internal controls include all Dual Control features that may be available with any Service. Without limiting the preceding sentence, you should implement Dual Control for the following functions of these Services: Service Function or Process • ACH Positive Pay • Permitting or returning a suspended entry for payment or authorizing us to act in accordance with your permit/default elections. • Positive Pay • Providing us check issuance data and approving exception items • Any funds transfer services (other thanvia Treasury Internet Banking) • Transmission and confirmation of orders. Even when Dual Controls are not required by this Agreement, your failure to use available Dual Control features may constitute negligence, in which you shall be responsible for resulting losses which could have been prevented by having Dual Control features in place.
Dual Control. For Business Customers, we recommend that you implement a dual control system, where appropriate. For example, one Authorized User should be responsible for generating batches, payment instructions, etc., while a separate Authorized User should be required to approve the order before releasing to us.
Dual Control. Security settings within the Services require file approval by two (2) different users through the use of token-based authentication for ACH and/or wire transfer Transactions. The Company may elect to waive such dual controls processing by completing the Dual Control Waiver. Security controls within the Services require use of an FI-issued token that generates a unique code and requires input of that code for approval of all ACH and/or wire transfer Transactions originated through the Services. Token approval is required even if the Company opts to waive dual control procedures. FI will issue two (2) tokens to the Company at no cost via U.S. Postal Service or United Parcel Service to the mailing or Physical address of record. If the Company will have more than two ACH and/or wire transfer approvers established in the Services, additional devices can be issued to the Company for a fee. Upon receipt of the tokens, it is the Company’s responsibility to assign, use and maintain the security of the tokens. The Company agrees to notify FI by phone as soon as it becomes aware the token may be lost or detects suspicious or fraudulent account activity alerting them to the loss or compromise of a token. FI will replace all active tokens upon device expiration at no cost. Replacement devices can be issued to the Company for a fee. Such fees may be offset by account analysis.
Dual Control. You agree that to try to prevent possible bank fraud, to the extent possible, you will maintain dual control over monitoring banking activity in reviewing the periodic statements. For example, if the Account has two or more authorized signers or is a non- consumer Account, you agree to have two different people reviewing the information and prior banking transactions to verify the authenticity of same.
Dual Control is when your applicable specifications controls require at least two authorized users to separately initiate and approve a function or processes within a service before that function or process will be executed. Dual Control is not satisfied by a single authorized user acting with two access credentials. Business Online Banking. WE REQUIRE that you implement Dual Controls available within your Business Online Banking service for the following functions: initiating and approving ACH and Wire payment orders and approving payment templates. You hereby agree to establish those Dual Controls, and you hereby agree to indemnify and hold us harmless against all losses or liabilities that we may suffer or incur that could have otherwise been eliminated, avoided, prevented or mitigated had you implemented those Dual Controls. Without limiting the preceding sentence, we have the right to require you to execute a separate acknowledgement or indemnity to further evidence the foregoing requirement and may in our discretion suspend your Service pending such execution. This section is in addition to the other indemnifications set forth in this Agreement. You bear sole responsibility for determining and implementing effective and sufficient internal security controls in connection with each of your Services. We strongly recommend that your internal controls include all Dual Control features that may be available with any Service.
Dual Control the use of a system where a Primary Administrator or User is given a “Setup” authorization to provide instructions to Bank. However, the instructions do not become valid until a User given an “Approver” authorization provides a secondary approval to “release” the instructions to Bank. The Security Procedures may be altered or modified from time-to-time. Notice will be provided to you as set forth in this Agreement. Following transmission of such Notice, the Security Procedures (as modified) will become effective and you must comply with the modified Security Procedures. Bank reserves the right to reject any entries or transmission of information until you comply with the modified Security Procedures. Customer is strictly responsible for establishing and maintaining commercially reasonable procedures to safeguard against unauthorized transactions or transmissions. You acknowledge these Security Procedures are “commercially reasonable” pursuant to Article 4A of the Uniform Commercial Code. Regardless of any claim of unauthorized access, you will be responsible for any transaction instructions given following authentication using the Security Procedures. Bank will only have an obligation to comply with the Security Procedures set forth herein or in the Appendix. Customer warrants that no individual will be allowed to initiate transfers or transmissions in the absence of proper supervision and safeguards, and agrees to take reasonable steps to maintain the confidentiality of the Security Procedures and any passwords, codes, security devices and related instructions provided by the Bank in connection with the Security Procedures. Bank will have no liability if you or your employees disclose Login Credentials, Access Devices, or the Security Procedures. Any such disclosure will be treated as your consent to provide this information to that third party and provide him/her/them with access to your account(s). If the Customer believes or suspects that any such information or instructions have been accessed by unauthorized persons, Customer agrees to notify the Bank immediately, followed by written confirmation. The occurrence of unauthorized access will not affect any transfers or transmissions accepted in good faith by the Bank prior to receipt of such notification and within a reasonable time period to prevent unauthorized transfers or transmissions. Customer is responsible for any System transactions made with Login Credentials associated with Customer and/or Cu...
Dual Control. For purposes of segregation of duties and internal controls, you can choose to use the tools available in FC Services to set up and use dual control with the Services. The following FCS Services are available for dual control: manually entering Check Issue Data online, Issue File Upload, Decisioning Positive Pay Suspects, Decisioning Reverse Positive Pay Presented Items, Decisioning ACH Reverse Positive Pay Entries and Establishing ACH Authorization Rules. Dual control means it will take two persons to act, one to input information and the other to release it to SVB. With Dual Control enacted, you agree to access our Online Banking Services with one set of access credentials to enter information, but then to use another person to login for a second session with a second set of access credentials to submit the instructions to us. If you have elected to use dual control through the FC Services, but this process is not completed by both persons by our posted cut-off time on the day a Suspect List is made available to you, you authorize and direct us to use your Payment Default Option with respect to all items on said Suspect List. You agree that any loss, harm or damage suffered by you as a result of your failure to implement dual control procedures offered by us will be a your loss, harm or damage and that we will not be responsible for the loss, harm or damage to the extent that implementation and proper use of the dual control tool would have prevented the same.
Dual Control. An SBLC must main- tain dual control over disbursement of funds and withdrawal of securities.
Dual Control. The Program provides Company with the ability to require that an approval of certain Services occur before transactions can be processed. To increase Company’s internal security, Bank recommends that Company assign the ability to initiate ACH or Wire Transfer transactions and the ability to approve these transactions to separate Authorized Users. Company acknowledges that dual control is a commercially reasonable practice, and that by refusing to accept this Account feature they face increased exposure to potential losses due to unauthorized activity and fraud. Company agrees to assume responsibility for any loss incurred that could have been prevented through the use of dual control. In the event Company refuses to accept dual control, or in the event Company is a solely owned entity with no additional employees or no employees to be identified as Authorized Users to transact ACH or Wire Transfer transactions, Bank may authorize a single user, and will require the completion of a Single User Authorization (Exhibit F).
Dual Control. Customer acknowledges that the segregation of duties, or dual controls, is an integral aspect of fraud prevention, therefore, Customer shall implement a dual control procedure whereby the active involvement of two (2) people is required to complete transactions, such as the requirement that one employee prepares the transaction and another employee executes the transaction. The Services can be configured through Web-Link to facilitate dual control functionality. Customer acknowledges that (a) Bank has offered Customer dual control configurations on one or more of its Accounts, (b) failing to fully and properly implement and use, in all cases, dual controls will preclude Customer from asserting any claims against Bank for processing unauthorized or fraudulent items or payment orders that dual controls could have mitigated, and (c) Bank will re-credit Customer’s Account or otherwise have any liability for such unauthorized or fraudulent items or payment orders.
