Common use of Transfer Authorization and Processing Clause in Contracts

Transfer Authorization and Processing. When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you and to debit one of your Accounts as described below. You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to nonsufficient funds. We will use reasonable efforts to make all your transfers properly. However, we shall incur no liability if we are unable to complete any transfers initiated by you because of the existence of the conditions stated in Section I.E. above. It is your responsibility to ensure the accuracy of any information that you enter into Account to Account Transfer, and for informing us as soon as possible if you become aware that this information is inaccurate. You may not use a P.O. Box as a postal address for Account to Account Transfer purposes. We will make a reasonable effort to stop or recover a transfer made to the wrong Recipient Account once informed, but we do not guarantee such recovery and will bear no responsibility or liability for damages resulting from incorrect information entered by you.