Common use of The Recipient Clause in Contracts

The Recipient. It is your responsibility to notify a Recipient that an Electronic Funds Transfer has been sent and to confirm receipt by the Recipient. A Recipient has the option to decline an Electronic Funds Transfer. If an Electronic Funds Transfer is declined or not completed for reasons beyond our control you may request a refund of the Electronic Funds Transfer and we will try to obtain the funds from the Recipient’s Financial Institution. If we are successful in doing so, we will return the amount of the Electronic Funds Transfer to you (less any third party fees deducted) by crediting your Account. We have no obligation to re-execute any rejected or returned Electronic Funds Transfer. We will credit the Account following return or rejection, less any applicable third party or transfer fees, expenses, or expenses of other institutions. In addition, we will have no obligation to pay interest (or dividends) on any cancelled, returned, or rejected Electronic Funds Transfer.