Common use of Fund Transfer Clause in Contracts

Fund Transfer. Cardholder may transfer funds from the Account to the Cardholder’s other enrolled accounts, to third party accounts within the Bank, or to other accounts maintained with other banks. The Bank will effect the online fund transfer, provided there are sufficient funds available in the Account. The Cardholder is responsible for ensuring that fund transfer details, including but not limited to transfer amount and transferee details, are true and correct and warrants the validity and legality of the fund transfer transaction. The Bank shall not be responsible for verifying the accuracy of any information in the fund transfer instructions. The Cardholder will be responsible for informing the third-party account holder of the transfer made. The transfers are irrevocable once effected by the Bank and any erroneous transfer shall be borne exclusively by the Cardholder, subject to the provisions of Section 8.4. of these T&Cs. The Cardholder shall not use the Bank electronic facility to transfer funds for illegal purposes or for any form of money laundering. The Cardholder agrees to hold the Bank free and harmless from any legal problems that the fund transfer may result to. The Bank reserves the right not to perform any fund transfer transaction if it has sufficient grounds to believe that such transfer shall place the Bank at risk of violating or expose the Bank to violation of Anti-Money Laundering Law and existing laws and BSP regulations. For US dollar accounts, fund transfer can be made to other US dollar accounts with the Bank or to other US dollar accounts maintained with other banks.