Common use of Wire Transfer Service Clause in Contracts

Wire Transfer Service. From time-to-time you may desire to initiate a fund transfer from authorized accounts held at the Credit Union. These fund transfers requests are called payment orders in this Fund/Wire Transfer Section. This Section and Agreement governs all payment orders you give us. You agree to assume liability for these transactions to the extent permitted under applicable state law. This Section and Agreement governs the procedures and responsibilities concerning payment orders initiated by the Account Owner through the credit Union named in this Agreement. This Section and Agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state of California. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution, or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person, or account other than the one named. You agree to be bound by ACH Rules. These ACH Rules provide, among other things that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403 (a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.