Common use of Internal Transfer Clause in Contracts

Internal Transfer. A preauthorized transfer may be arranged to transfer funds between accounts at Wings or to pay a Wings loan on a specified day of the month. Transfers are performed the morning of the day selected, and can be for a specific amount; or for loans, in the amount of your payment. If the transfer day selected falls on a Saturday, Sunday or holiday, the transfer will be performed the next business day. If funds are not available at the time of the scheduled transfer, the transfer will be attempted each day until fulfilled. A recurring transfer with proper authority, according to the NACHA Rules, may be created to transfer funds to/from another financial institution through the Automated Clearing House. Such transfers must be a fixed dollar amount and must follow a recurring schedule. Requests for such transfers must be received at least three banking days prior to execution. Forms will be provided requesting the necessary information and authorization. These transfers are initiated one day prior to the selected transfer date. Funds transferred from your Wings account may be held two days prior to being sent. If the date selected falls on a weekend or federal holiday, the transfer will be initiated one banking day prior for posting on the following banking day. This section provides the terms and conditions which specifically relate to any transfer or receipt of funds that is governed by Article 4A of the Uniform Commercial Code. Fund transfers we permit will be subject to such provisions of the UCC as enacted by the state of Minnesota. Generally, these are wire transfers or transfers through an Automated Clearing House (ACH) that are not otherwise governed by the Electronic Fund Transfer Act; however, other types of transfers may be covered. These terms and conditions are in addition to, and not in the place of, any other agreement or agreements which you may have entered into with Wings regarding any such transfer or receipt of funds. In acting upon funds transfer instructions, most financial institutions rely solely on an identifying number or account number accompanying the payment order to identify the person who is to receive a payment or debit. This means if you instruct Wings to make a payment to a person and you identify that person by both a name and an account number, payment may be made by the person’s financial institution on the basis of the identifying or financial institution account number, even if the number identifies a person different than the person named as the beneficiary in your instructions to us. Additionally, if your payment instructions to Wings identify a financial institution that is to participate in the funds transfer both by name and identifying number, any financial institution may rely on the identifying number as the proper identification of the financial institution that is to participate in the funds transfer, even if it identifies an institution different from the financial institution identified by name. Credit given by us to you with respect to an Automated Clearing House credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you. Under the Operating Rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next-day notice to you of receipt of an ACH item, and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you. We may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with, and governed by, the laws of the state of Minnesota as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account. It is your responsibility to have sufficient collected funds in your account to cover any fees or charges that are imposed. Fees or charges, if any, will be taken from any account in which you have an ownership interest when they are due. We will not be liable for refusing to pay items presented if, at any time, service charges leave insufficient collected funds in your account. Refer to the Schedule of Fees for a current list of any fees or charges that may be charged to an account. The law permits us to pay items drawn on your account in any order. Any decision on our part to pay overdrafts (an item whose payment would result in the account having a negative balance whether created by checks, in-person withdrawals, ATM withdrawals, or by other electronic means) does not create an obligation to pay other overdrafts, no matter how consistently we may have paid them, nor to provide notice when our practice in this regard changes. Any overdraft amounts, however created, are due and payable at once. We may impose overdraft and return check charges which, together with any expenses we incur in collecting the overdraft amounts (including court costs and reasonable attorneys’ fees), are also due and payable when imposed or incurred. You may be charged a fee each time a transaction is presented for payment, even if the same transaction is presented multiple times, which may result in multiple fees for the same item. You authorize us to exercise our discretion in resubmitting for payment any item which was returned unpaid or dishonored on first presentation, without prior notice to you. If any item you deposit is returned, we may charge a fee. Wings will return items unpaid if you do not have sufficient available funds and will charge a non-sufficient funds (NSF) charge unless you have available overdraft protection. You may be charged a fee each time a transaction is presented for payment, even if the same transaction is presented multiple times, which may result in multiple fees for the same item.