Common use of Dual Control Clause in Contracts

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.