Common use of EFT Payments Clause in Contracts

EFT Payments. EFT payments may take 2 (two) business days (or more) to reach the beneficiary’s account, unless the customer requests special service from FNB to speed up the payment process. The customer acknowledges that certain beneficiaries may have special processing requirements that may delay the payment process further. FNB will not be liable for any loss or damage because of any errors or omissions of the customer or its representative when creating payment instructions. FNB does not verify the account details or identity of beneficiaries. FNB is not liable for any loss or damage because of system, technical or manual failures outside of its control. FNB will not reverse any payment instruction after it has been processed. FNB may (if possible) attempt to reverse an instruction, if the recipient’s account is held with FNB and the recipient gives FNB its written consent to do so. Certain instructions cannot be reversed or cancelled, including pre-paid purchases. If a recipient account is held with another institution, FNB’s role is simply to pass on the customer’s instruction. FNB will not be liable for any act or omission by such institution. FNB will not accept instructions to stop the payment of validly drawn instruments after they are presented for payment.