Sending Wire Transfers. You may subscribe to certain funds transfer services we offer or you may give us other instructions to pay money to a beneficiary. This section applies to wire transfers and transfers we make between CIT Bank accounts. It does not apply to automated clearing house (ACH) funds transfer services. Execution of Orders. We will make commercially reasonable efforts to execute the payment order described in the Outbound Wire Transfer Request form (the “Order”). We may select an intermediary bank, third party or means of transmittal to execute the Order, and the means selected may differ from that indicated on the Order. Confirmation of receipt from the recipient may be requested, however, we cannot guarantee that such confirmation will be provided by the beneficiary bank or other intermediaries. Security Procedures. When a payment order or other funds transfer request is placed in your name, we may follow a security procedure to verify the authenticity of the request. The security procedure that we may use will depend on the means by which the request was made. In the absence of a separate agreement with us on the type of security procedure to be utilized, you agree that the security procedure customarily followed by us and described herein is a commercially reasonable security procedure in light of the anticipated size, type and frequency of your funds transfer requests. You understand that the security procedure is designed only to verify the source of the funds transfer instructions and not to detect errors in the content of those instructions. The security procedure may differ depending upon how you initiate a funds transfer. For transfers you initiate by facsimile or mail, we will call you to verify the funds transfer request and your identity via a one-time- password (OTP) that we will text or e-mail to you. For transfers you initiate by using our online wire form request within online banking, we will verify the transfer request via OTP. For verifications that involve calling, texting or emailing you, we will utilize a telephone number or email address for you that we have in our records. You agree that we will not be liable for any delay in processing your funds transfer request resulting from these security procedures. You further agree that you will not disclose any information related to a security procedure agreed to with us (such as a password or answer to a security question) and shall immediately notify us if the confidentiality of any such informa...
Sending Wire Transfers. You may subscribe to certain funds transfer services we offer or you may give us other instructions to pay money to a beneficiary. This section applies to wire transfers and transfers we make between CIT Bank accounts. It does not apply to automated clearing house (ACH) funds transfer services. Execution of Orders. We will make commercially reasonable efforts to execute the requested payment order. We may select any intermediary bank, third party or means of transmittal to execute the Order, and the means selected may differ from that indicated on the Order. Confirmation of receipt from the recipient may be requested, however, we cannot guarantee that such confirmation will be provided by the beneficiary bank or other intermediaries. Reliance on Beneficiary Identifying Information. We shall rely solely upon the beneficiary information provided by you. The beneficiary’s bank and/ or other intermediary parties to the wire transfer may make payment to the beneficiary based solely on the account or other identifying number provided by you, even if the name on the account differs from that on the Order. We, or an intermediary, may send a payment order to a subsequent intermediary or beneficiary bank based solely on the beneficiary bank identifying number, even if the Order indicates a different bank name. We shall have no liability to you in the event a wire transfer is credited to the wrong account, is rejected, is delayed, or fails to be received by the intended beneficiary as a result of you providing incorrect beneficiary and/or beneficiary bank information. Fees Imposed by Intermediary and/or Beneficiary Bank. An intermediary and/or beneficiary bank may charge a fee for processing a funds transfer and we are not responsible for this fee. This fee may be deducted by the intermediary and/or beneficiary bank from the amount to be credited to the beneficiary of the funds transfer.
Sending Wire Transfers. The following provisions apply to wire transfers you send through Schwab. This section does not apply to ACH funds transfer services or Schwab MoneyLink® services, which are subject to separate terms and conditions.
