Identification of Beneficiary. If you give the Credit Union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying or account number, payment may be made by the beneficiary’s bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible to the Credit Union if the funds transfer is completed on the basis of the identification number you provided the Credit Union.
Appears in 3 contracts
Samples: Member Account Agreements and Disclosures, Member Account Agreements and Disclosures, Disclosure and Agreement
Identification of Beneficiary. If you give the Credit Union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying or account number, payment may be made by the beneficiary’s bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible to the Credit Union if the funds transfer is completed on the basis of the identification identifying account number you provided the Credit Union.
Appears in 2 contracts
Samples: Disclosure and Agreement, Business Funds Transfer Agreement
