Common use of Sending Funds Transfers Clause in Contracts

Sending Funds Transfers. You may subscribe to certain services we offer or you may give us other instructions to pay money or have another bank pay money to a beneficiary. This Sending Funds Transfers section applies to wire transfers and transfers we make between Community Bank accounts. It does not apply to automated clearing house (ACH) system funds transfer services. You may give us payment orders for ACH system funds transfers only if you have a separate agreement with us for those services. Cutoff Times for Payment Orders: We have cutoff times for processing payment orders. Cutoff times vary depending on the particular office of our bank and the type of payment order. We may treat payment orders we receive after a cutoff time as if received the next business day. We tell you our cutoff times upon request. Amending or Canceling Payment Orders: You may not amend or cancel a payment order after we receive it. If you ask us to do this, we may make a reasonable effort to act on your request. But we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages we incur in connection with your request to amend or cancel a payment order. Inconsistency of Name or Number: The beneficiary’s bank may make payment to the beneficiary based solely on the account or other identifying number, even if the name on the payment order differs from the name on the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary’s bank based solely on the bank identifying number, even if the payment order indicates a different bank name. Sending Payment Orders: We may select any intermediary bank, funds transfer system or means of transmittal to send your payment orders. Our selection may differ from that indicated in your instructions.

Sending Funds Transfers. You may subscribe to certain services we offer or you may give us other instructions to pay money or have another bank pay money to a beneficiary. This Sending Funds Transfers section applies to wire transfers and transfers we make between Community Bank accounts. It does not apply to automated clearing house (ACH) system funds transfer services. You may give us payment orders for ACH system funds transfers only if you have a separate agreement with us for those services. Cutoff Times for Payment Orders: Orders We have cutoff times for processing payment orders. Cutoff times vary depending on the particular office of our bank and the type of payment order. We may treat payment orders we receive after a cutoff time as if received the next business day. We tell you our cutoff times upon request. Amending or Canceling Payment Orders: Orders You may not amend or cancel a payment order after we receive it. If you ask us to do this, we may make a reasonable effort to act on your request. But we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages that we incur in connection with your request to amend or cancel a payment order. Inconsistency of Name or Number: Number The beneficiary’s bank may make payment to the beneficiary based solely on the account or other identifying number, even if the name on the payment order differs from the name on the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary’s bank based solely on the bank identifying number, even if the payment order indicates a different bank name. Sending Payment Orders: Orders We may select any intermediary bank, funds transfer system or means of transmittal to send your payment orders. Our selection may differ from that indicated in your instructions. Notice of Rejection We may reject payment orders. We notify you of any rejection orally, electronically or in writing. If we send written notices by mail, we do so by the end of the next business day. We are not liable to you for the rejection or obligated to pay you interest for the period before you receive timely notice of rejection. Errors or Questions About Your Payment Orders We notify you about certain funds transfers by listing them on your account statement. In some cases, we also may notify you electronically, in writing or by a report produced through one of our information reporting services. You must notify us at once if you think a funds transfer shown on your statement or notice is incorrect. You must send us written notice, including a statement of relevant facts, no later than 14 days after the date you receive the first notice or statement on which the problem or error appears. If you fail to notify us within this 14-day period, we are not liable for any loss of interest because of an unauthorized or erroneous debit or because your statement or notice is incorrect. We are not required to compensate you, and we are not required to credit or adjust your account for any loss of interest or interest equivalent. Calculations Unless otherwise prohibited by law, we are obligated to pay for loss of interest that results from our error or delay regarding your payment order, we calculate compensation as follows. With an analyzed checking account, we credit the account to reflect the applicable value date or otherwise adjust the account under our account analysis procedure, to recalculate earnings credits for the period involved. With a non-analyzed, non-interest bearing account, we use a rate equal to the average of the Federal Funds rates set by the Federal Reserve Bank of New York, less a reserve factor. With a non- analyzed, interest-bearing account, we use the rate applicable to the account. If we have a separate agreement with you specifying a different calculation method, we use that method instead. Receiving Funds Transfers We may receive instructions to pay funds to your account. We may receive funds transfers directly from the sender, through a funds transfer system or through some other communications system. This includes wire transfers, ACH transfers that may be sent through an ACH system or processed directly to an account with us, and transfers between Community Bank accounts. ACH Provisional Payment Rule Under ACH rules, funds transfers sent through an ACH are provisional and may be revoked prior to final settlement. You agree to these rules. If the funds transfer is revoked before final settlement, we may charge your account for the amount credited. The person who sent the payment order is considered not to have paid you. If this happens, we do not send a separate notice; we report the information on your account statement. Notice of Funds Transfer We notify you that we have received funds transfers by listing them on your account statement. We provide statements to you by mail or through Online Banking if you selected paperless delivery through Online Banking for your deposit account documents. If you use one of our information reporting services, you may receive notice through that service. We are not obligated to send you a separate notice of each incoming funds transfer. While we generally do not provide such separate notices, we may do so on occasion, in which case we send the notice within two business days after we credit your account. We are not obligated to pay you interest for the period before you receive notice. If you are expecting a funds transfer and want to find out if it has been credited to your account, call us at the number for customer service on your statement. Posting Your Customers’ Payments We credit to your account electronic payments (such as bill payments) that we receive from your customers. If you do not apply a payment to an account of your customer, you must promptly return the payment to us. ACH Debits and Credits From time to time, originators that you authorize may send automated clearing house (ACH) credits or debits for your account. For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (NACHA) Operating Rules and any local ACH operating rules then in effect. You agree that we may rely on the representations and warranties contained in these operating rules and either credit or debit your account, as instructed by the originator of the ACH transaction. You should be careful about giving someone your account number to help prevent unauthorized transactions on your account. You must notify us immediately of unauthorized activity. For information about stopping payment of an ACH transaction, see Stop Payment Orders and Postdating Orders in the Other Terms and Services section. Organizational deposit accounts You acknowledge and agree that if you request us to transmit an ACH return transaction in connection with any problem, including a claim of erroneous or unauthorized ACH debit posted to your account, the related originating depository financial institution has no obligation to accept that return transaction if the return request is not made within the applicable time frame set forth in the NACHA Operating Rules. We will respond to your reported problem and attempt to pursue your request with the originating depository financial institution as long as you report the problem to us in writing within 60 days after the statement first reflecting the transaction was mailed to you; however, we do not guarantee that we will be able to recover your funds if you notify us of the problem beyond NACHA time frames. In some cases, depending on the facts, your claim may not be honored and you could incur a loss. Tax Information Generally, we are required to report annually to you and to the United States Internal Revenue Service (IRS) interest payments that total $10 or more during the year on your deposit account(s) with us. We may also be required to report this information to the appropriate state revenue authority. When you open an account, we are required to obtain — and each U.S. citizen or resident alien must give us — a certified U.S. Taxpayer Identification Number (TIN) and information regarding your backup withholding status. When you apply for an account, you certify that you have provided the correct TIN for the account holder and the correct backup withholding status. For individual accounts, the TIN is your Social Security Number (SSN). For individual accounts with more than one owner, we report taxpayer information for the person listed first in our records. Resident aliens who do not qualify for Social Security should provide their Individual Taxpayer Identification Number (ITIN). For other accounts, the TIN is the owner’s Employer Identification Number (EIN). If you do not give us a certified name and TIN, and the IRS notifies us that the name and TIN you gave us is incorrect, or if the IRS notifies us that you failed to report all your interest and dividends on your tax return, we are required to backup withhold at the current backup withholding rate on interest paid to your account and pay it to the IRS. In some cases, a state and local tax authority may also require that we pay state and local backup withholding on interest paid to your account when we are required to pay backup withholding to the IRS. Backup withholding is not an additional tax. If you are subject to backup withholding, we are required to report to you and to the IRS regardless of the amount of the interest payment. You may claim amounts withheld and paid to the IRS as a credit on your federal income tax return. If you are a certified nonresident alien individual or entity, you are generally exempt from backup withholding on interest but may be subject to information reporting if you reside in a country in which we are required to report. Deposit interest income that is effectively connected with the conduct of a trade or business in the United States is subject to information reporting. You must renew your status as an exempt foreign person or entity prior to the end of the third calendar year following the year in which you last certified your status. If you fail to renew your status by the last day of the fourth calendar year, your interest payments will be subject to backup withholding. If you become a U.S. citizen or resident after opening your account, you must notify us within 30 days and provide us with your certified name and TIN. We comply with Foreign Account Tax Compliance Act (FATCA) as mandated by U.S. federal tax law. We will withhold on certain payments when required by such law. For more information or to determine how this information applies to you, consult your U.S. tax advisor.

Sending Funds Transfers. You may subscribe to certain services we offer or you may give us other instructions to pay money or have another bank pay money to a beneficiary. This Sending Funds Transfers section applies to wire transfers and transfers we make between Community Bank accounts. It does not apply to automated clearing house (ACH) system funds transfer services. You may give us payment orders for ACH system funds transfers only if you have a separate agreement with us for those services. Cutoff Times for Payment Orders: Orders We have cutoff times for processing payment orders. Cutoff times vary depending on the particular office of our bank and the type of payment order. We may treat payment orders we receive after a cutoff time as if received the next business day. We tell you our cutoff times upon request. Amending or Canceling Payment Orders: Orders You may not amend or cancel a payment order after we receive it. If you ask us to do this, we may make a reasonable effort to act on your request. But we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages that we incur in connection with your request to amend or cancel a payment order. Inconsistency of Name or Number: Number The beneficiary’s bank may make payment to the beneficiary based solely on the account or other identifying number, even if the name on the payment order differs from the name on the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary’s bank based solely on the bank identifying number, even if the payment order indicates a different bank name. Sending Payment Orders: Orders We may select any intermediary bank, funds transfer system or means of transmittal to send your payment orders. Our selection may differ from that indicated in your instructions. Notice of Rejection We may reject payment orders. We notify you of any rejection orally, electronically or in writing. If we send written notices by mail, we do so by the end of the next business day. We are not liable to you for the rejection or obligated to pay you interest for the period before you receive timely notice of rejection. Errors or Questions About Your Payment Orders We notify you about funds transfers by listing them on your account statement. In some cases, we also may notify you electronically, in writing or by a report produced through one of our information reporting services. You must notify us at once if you think a funds transfer shown on your statement or notice is incorrect. You must send us written notice, including a statement of relevant facts, no later than 14 days after the date you receive the first notice or statement on which the problem or error appears. If you fail to notify us within this 14-day period, we are not liable for any loss of interest because of an unauthorized or erroneous debit or because your statement or notice is incorrect. We are not required to compensate you, and we are not required to credit or adjust your account for any loss of interest or interest equivalent. Calculations If we are obligated to pay for loss of interest that results from our error or delay regarding your payment order, we calculate compensation as follows. With an analyzed checking account, we credit the account to reflect the applicable value date or otherwise adjust the account under our account analysis procedure, to recalculate earnings credits for the period involved. With a non-analyzed, non-interest bearing account, we use a rate equal to the average of the Federal Funds rates set by the Federal Reserve Bank of New York, less a reserve factor. With a non-analyzed, interest-bearing account, we use the rate applicable to the account. If we have a separate agreement with you specifying a different calculation method, we use that method instead. Receiving Funds Transfers We may receive instructions to pay funds to your account. We may receive funds transfers directly from the sender, through a funds transfer system or through some other communications system. This includes wire transfers, ACH transfers that may be sent through an ACH system or processed directly to an account with us, and transfers between Community Bank accounts. ACH Provisional Payment Rule Under ACH rules, funds transfers sent through an ACH are provisional and may be revoked prior to final settlement. You agree to these rules. If the funds transfer is revoked before final settlement, we may charge your account for the amount credited. The person who sent the payment order is considered not to have paid you. If this happens, we do not send a separate notice; we report the information on your account statement. Notice of Funds Transfer We notify you that we have received funds transfers by listing them on your account statement. We send statements by mail. If you use one of our information reporting services, you may receive notice through that service. We are not obligated to send you a separate notice of each incoming funds transfer. While we generally do not provide such separate notices, we may do so on occasion, in which case we send the notice within two business days after we credit your account. We are not obligated to pay you interest for the period before you receive notice. If you are expecting a funds transfer and want to find out if it has been credited to your account, call us at the number for customer service on your statement. Posting Your Customers’ Payments We credit to your account electronic payments (such as bill payments) that we receive from your customers. If you do not apply a payment to an account of your customer, you must promptly return the payment to us. ACH Debits and Credits From time to time, originators that you authorize may send automated clearing house (ACH) credits or debits for your account. For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (NACHA) Operating Rules and any local ACH operating rules then in effect. You agree that we may rely on the representations and warranties contained in these operating rules and either credit or debit your account, as instructed by the originator of the ACH transaction. You should be careful about giving someone your account number to help prevent unauthorized transactions on your account. You must notify us immediately of unauthorized activity. For information about stopping payment of an ACH transaction, see Stop Payment Orders and Postdating Orders in the Other Terms and Services section.

Sending Funds Transfers. ‌ You may subscribe to certain services we offer or you may give us other instructions to pay money or have another bank pay money to a beneficiary. This Sending Funds Transfers section applies to wire transfers and transfers we make between Community Bank accounts. It does not apply to automated clearing house (ACH) system funds transfer services. You may give us payment orders for ACH system funds transfers only if you have a separate agreement with us for those services. Cutoff Times for Payment Orders: We have cutoff times for processing payment orders. Cutoff times vary depending on the particular office of our bank and the type of payment order. We may treat payment orders we receive after a cutoff time as if received the next business day. We tell you our cutoff times upon request. Amending or Canceling Payment Orders: You may not amend or cancel a payment order after we receive it. If you ask us to do this, we may make a reasonable effort to act on your request. But we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages we incur in connection with your request to amend or cancel a payment order. Inconsistency of Name or Number: The beneficiary’s bank may make payment to the beneficiary based solely on the account or other identifying number, even if the name on the payment order differs from the name on the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary’s bank based solely on the bank identifying number, even if the payment order indicates a different bank name. Sending Payment Orders: We may select any intermediary bank, funds transfer system or means of transmittal to send your payment orders. Our selection may differ from that indicated in your instructions.

Sending Funds Transfers. ‌ You may subscribe to certain services we offer offer, or you may give us other instructions to pay money or have another bank pay money to a beneficiary. This Sending Funds Transfers section applies to wire transfers and transfers we make between Community Bank accounts. It does not apply to automated clearing house (ACH) system funds transfer services. You may give us payment orders for ACH system funds transfers only if from accounts you have a separate agreement maintain with us for those servicesus. Cutoff Times for Payment Orders: Orders‌ We have cutoff times for processing payment orders. Cutoff times vary depending on the particular office of our bank Bank and the type of payment order. We may treat payment orders we receive after a cutoff time as if received on the next business day. We will tell you our cutoff times upon request. Amending or Canceling Payment Orders: Orders‌ You may not amend or cancel a payment order after we receive it. If you ask us to do this, we may make a reasonable effort to act on your request. But But, we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages that we incur in connection with your request to amend or cancel a payment order. Inconsistency of with Name or Number: Number‌ The beneficiary’s bank may make payment to the beneficiary based solely on the account or other identifying number, even if the name on the payment order differs from the name on the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary’s bank based solely on the bank identifying number, even if the payment order indicates a different bank name. Sending Payment Orders: Orders‌ We may select any intermediary bank, funds transfer system system, or means of transmittal to send your payment orders. Our selection may differ from that indicated in your instructions. Notice of Rejection‌ We may reject payment orders. We notify you of any rejection orally, electronically, or in writing. If we send written notices by mail, we do so by the end of the next business day. We are not liable to you for the rejection or obligated to pay you interest for the period before you receive timely notice of rejection. Errors or Questions about Your Payment Orders‌ We notify you about funds transfers by listing them on your account statement. In some cases, we may also notify you electronically, in writing, or by a report produced through one of our information reporting services. You must notify us at once if you think a funds transfer shown on your statement or notice is incorrect. You must send us written notice, including a statement of relevant facts, no later than 14 days after the date you receive the first notice or statement on which the problem or error appears. If you fail to notify us within this 14-day period, we are not liable for any loss of interest because of an unauthorized or erroneous debit or because your statement or notice is incorrect. We are not required to compensate you, and we are not required to credit or adjust your account for any loss of interest or interest equivalent.

Sending Funds Transfers. You may subscribe For each funds transfer that you want to certain services we offer or send through us, you may must complete, sign and give us other instructions to pay money or have another bank pay money to a beneficiary. This Sending Funds Transfers section applies to wire transfers and transfers we make between Community Bank accounts. It does not apply to automated clearing house (ACH) system separate funds transfer servicesrequest in a form that is acceptable to us. You may give us payment orders Our cutoff time for processing funds transfer requests is 5:00 p.m. for ACH system funds transfers only if you have a separate agreement with us for those servicestransfers. Cutoff Times for Payment Orders: We have cutoff times for processing payment orders. Cutoff times vary depending on the particular office of our bank and the type of payment order. We may treat payment orders If we receive your request after a cutoff time that time, we will treat it as if it was received the on our next business day. We tell are not obligated to accept (and may reject without liability to you) any funds transfer request we receive from you. We may give you notice that we are rejecting a funds transfer request orally, electronically or in writing. If we send a written rejection notice, we will do so by the end of our cutoff times upon next business day. If we accept your funds transfer request, we may use any intermediary bank, funds transfer system or other means of transmission in executing that request, even if they differ from those specified in your request. Amending or Canceling Payment Orders: You may not have no right to amend or cancel a payment order funds transfer request after we receive have accepted it. If We have no liability to you ask us if we attempt to honor your amendment or cancellation request but are unable to do thisso. Moreover, we may make a reasonable effort to act on your request. But we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages we incur in connection with any amendment or cancellation request you give us. Your funds transfer request must identify the beneficiary, the beneficiaries address, the beneficiary’s bank and one or more intermediary banks by name, by an identifying or bank account number, or by both name and number. We have no duty to determine whether your funds transfer request to amend contains any inconsistent names and identifying or cancel a payment orderbank account numbers. Inconsistency of Name Furthermore, you acknowledge that we have given you notice that, if your funds transfer request identifies the beneficiary both by name and by an identifying or Number: The account number, the beneficiary’s bank may make payment to the beneficiary based solely of your requested funds transfer on the basis of the identifying or bank account or other identifying number, even if it identifies a person different from the named beneficiary. Similarly, you acknowledge that we have given you notice that, if your funds transfer request identifies the beneficiary‘s bank or any intermediary bank both by name and by an identifying number, we and any other bank through which your requested funds transfer is processed may rely on the payment order differs from number as the name on proper identification of the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary’s bank based solely on the bank identifying number, even if the payment order indicates a different bank name. Sending Payment Orders: We may select or any intermediary bank, even if it identifies a bank different than the one identified by name. We will reflect payments we make in response to your funds transfer system or means of transmittal to send your payment orders. Our selection may differ from that indicated requests in your instructionsaccount statements. If you believe a statement reflects a debit to your account for an unauthorized funds transfer request or that there was some error in the way we executed your funds transfer request, notify us as soon as possible by sending us written notice, with a statement of relevant facts, within 14 days after the posting of the statement on which the debit for that funds transfer appears. If you fail to give us the required notice within that 14-day period, we will not be liable to you for any loss of interest or for any other compensation relating to the unauthorized or erroneous debit to your account or because of any other discrepancy in the statement. Furthermore, in no event will we be liable to you or any other person or entity for any consequential, special or incidental damages relating to any unauthorized or erroneously executed funds transfer request.