Processing Your Funds Transfer Clause Samples
The 'Processing Your Funds Transfer' clause defines the procedures and conditions under which a financial institution handles the transfer of funds on behalf of a customer. It typically outlines the steps required to initiate a transfer, such as providing accurate account information and authorizations, and may specify processing times, cut-off deadlines, and potential fees. This clause ensures that both parties understand the expectations and limitations involved in moving funds, thereby reducing misunderstandings and clarifying responsibilities during the transfer process.
Processing Your Funds Transfer. We will process a funds transfer on the same day as your instructions if we receive your instructions before our Internet Banking cut-off hour of 9:00 p.m. EST (the “Cut-Off Hour”). If we receive your instruction after the Cut-Off Hour of that day, we will process the transaction no later than the Cut-Off Hour of the next day. If you schedule a funds transfer for a future date, we will process the transaction on that date. If you schedule a recurring funds transfer and the payment date does not exist in a month, the payment will be processed on the last day of that month or the business day previous to the scheduled date.