Funds and Processing Clause Samples
The 'Funds and Processing' clause defines how financial transactions are handled between the parties, including the movement, management, and settlement of funds. It typically outlines the procedures for transferring payments, the timing of such transfers, and any responsibilities related to processing fees or third-party payment processors. This clause ensures that both parties understand the mechanisms and expectations for handling money, thereby reducing the risk of disputes over payment timing or methods.
Funds and Processing. You must have sufficient funds in your Account and/or the applicable External Account for the External Transfer to be completed. Any External Transfer initiated on any Business Day after 6:00 p.m. CT, may not be processed until the next Business Day. Funds transferred into your Account by External Transfer will be available no later than the fifth (5th) Business Day following the scheduled External Transfer date. It is recommended that you schedule your External Transfers in advance to allow ample time for Bank to work through any processing errors or issues for failure to confirm the authority or accuracy of information on the External Account. Bank may notify you of any failure to be able to process any External Transfer as Bank is made aware of such. Once an External Transfer is initiated or in process, it cannot be cancelled. If an External Transfer is scheduled and authenticated using your Account, computer, and security information, then any such External Transfer will be your responsibility, regardless of mistake, error, or fraud, subject to Applicable Law.
Funds and Processing. You must have sufficient funds in your Account and/or the applicable External Account for the External Transfer to be completed. Any External Transfer initiated on any Business Day after 6:00 p.m. CT, may not be processed until the next Business Day. Funds transferred into your Account by External Transfer will be available on the third (3rd) Business Day following the scheduled External Transfer date. Any funds transferred into a New Account by External Transfer will not be available until the fifth (5th) Business Day following the scheduled External Transfer date. It is recommended that you schedule your External Transfers in advance to allow ample time for Bank to work through any processing errors or issues for failure to confirm the authority or accuracy of information on the External Account. Bank may notify you of any failure to be able to process any External Transfer as Bank is made aware of such. Once an External Transfer is initiated or in process, it cannot be cancelled. If an External Transfer is scheduled and authenticated using your Account, computer, and security information, then any such External Transfer will be your responsibility, regardless of mistake, error, or fraud, subject to Applicable Law.
Funds and Processing. You must have sufficient funds in your Account to send money to a recipient. If you do not have sufficient funds in your account, we reserve the right to refuse to transmit the payment. While most transfers are completed within minutes, some transfers may take additional time to complete. It is your sole responsibility to ensure that you initiate transfers to recipients with sufficient time to meet any deadline or other time frame imposed by you or a recipient. If a transfer is initiated from your Account and authenticated according to the Security Procedures—including but not limited to biometric authentication such as touch authentication—you will be responsible for the transfer, regardless of mistake, error, or fraud, subject to Applicable Law.
Funds and Processing. You must have sufficient funds in your Account and/or the applicable External Account for the External Transfer to be completed. Any External Transfer initiated on any Business Day after 6:00 p.m. CT, may not be processed until the next Business Day. Funds transferred into your Vio Bank Savings Account by External Transfer will be available no later than the eleventh (11th) Business Day following the scheduled External Transfer date. Initial Account- funding transfers completed via ACH are considered incoming external transfers and are subject to the forgoing funds availability terms. It is recommended that you schedule your External Transfers in advance to allow ample time for us to work through any processing errors or issues for failure to confirm the authority or accuracy of information on the External Account. We may notify you of any failure to be able to process any External Transfer as we are made aware of such. Once an External Transfer is initiated or in process, it cannot be cancelled. If an External Transfer is scheduled and authenticated using your Account, computer, and security information, then any such External Transfer will be your responsibility, regardless of mistake, error, or fraud, subject to Applicable Law.