Processing Payment Orders. We will process Payment Orders based solely upon information received from you. We may, at our discretion, process Payment Orders through any commercially reasonable funds transfer system, which includes, without limitation, the Federal Reserve Bank System (Fedwire) or SWIFT. Any Wire Transfer Service shall be governed by Subpart B of Regulation J promulgated by the Federal Reserve Board if all or any part of the funds transfer is made through Fedwire. In the case where we are the Beneficiary’s credit union, we may simply debit and credit the appropriate accounts as requested in the authorized Payment Order. If a Payment Order indicates an intermediary bank or credit union or a Beneficiary’s bank or credit union inconsistently by name and identifying number, execution of the Payment Order may be based solely upon the number, even if the number identifies a bank or credit union different from the named bank or credit union or a person who is neither a bank or credit union. If a Payment Order describes a Beneficiary inconsistently by name and account number, payment may be made based solely upon the account number, even if the account number identifies a person different from the named Beneficiary. Your obligations shall not be excused in these circumstances. You agree to not issue a Payment Order that instructs us to execute the Payment Order on a Business Day that is later than the Business Day on which the Payment Order is received by us, and we may execute any Payment Order on the Business Day of its receipt even though it specifies a later execution date, unless we agree to follow such instructions. You acknowledge that any Payment Order executed by us will be subject to rules and regulations applicable to payment orders generally, including record keeping and information transmittal requirements under the federal Bank Secrecy Act and its implementing regulations. You acknowledge and agree that we may capture and transmit information regarding you (for example, your name, address and account number) and regarding any Beneficiary (for example, the Beneficiary’s name, address, account number, and other Beneficiary identifiers) as part of the processing of a Payment Order. You agree to assist us in connection with any requirements imposed on us in fulfilling our obligations in this regard. We will comply with regulations issued by the U.S. Treasury’s Office of Foreign Assets Control (“OFAC”). If any Payment Order is to an entity listed on the OFAC’s list o...
Processing Payment Orders. You authorize us to charge your accounts and transfer funds on your behalf, subject to the terms of this agreement. You agree to submit payment orders in accordance with our procedures as they are periodically modified. Those procedures include our standard format and cut- off hours by which we must receive a payment order if such transaction is to be made that banking day. The procedures are described in the Description of Wire Transfer Procedures delivered to you (the "Supplement"). The terms and provisions of the Supplement are incorporated into this agreement by this reference to it. You agree that we may, but are not obligated to, record and retain telephone conversations relating to the payment orders. You understand that we have no obligation to process payment orders and that we are not obligated to do so if we are unable to verify them in accordance with the Security Procedures, if they are not in our format, if we are prohibited by applicable law from processing them, if you do not have a sufficient balance of final, collected funds in your account to cover such transaction, or if we are unable to execute them due to circumstances beyond our control. We will attempt to execute cancellation and amendment instructions to payment orders, however, we will not incur any liability as a result of a failure to effect such cancellation or amendment, and if we act on a cancellation or amendment instruction, you will indemnify us from all expenses, costs, damages or other liabilities incurred by us in connection therewith. Security Procedures. You agree to comply with, and to cause your authorized representatives to comply with, the security procedures described in the Supplement (the "Security Procedures"). The Security Procedures are designed to verify the authenticity of, and not to detect errors in, payment orders. You agree to be bound by any funds transfer payment order, whether or not authorized, issued in your name and received by us in compliance with the Security Procedures. By communicating payment orders to us, you agree that the Security Procedures are commercially reasonable. If a payment order was authorized or issued by you (or on your behalf) or you otherwise benefited from it, then you agree to be bound by that payment order, whether or not we complied with the Security Procedures. If you propose or adopt a procedure for communicating payment orders to us which varies from the Security Procedures, then you agree to be bound by any payment ...
Processing Payment Orders. Following Bank’s receipt and acceptance of a Payment Order, Bank will execute such Payment Order subject to the terms of the Agreement, including, but not limited to, the requirement that: (i) such Payment Order is received containing all information required by Bank; (ii) such Payment Order is received in the format and through the Channels or other transmission method required or permitted by Bank; and
Processing Payment Orders. We will use commercially reasonable efforts to execute each payment order received in accordance with the security procedures by making applicable accounting entries or by transmitting payment instructions to the applicable bank or other party: (a) no later than the stated transfer date, provided such date is a Business Day and is not earlier than the day such payment order is received; or (b) on the day such payment order is received, if no transfer date is stated. If the requested transfer date is not a Business Day, or if we receive a payment order without a stated transfer date on a non-Business Day, we will process the transfer on the next Business Day. Notwithstanding the foregoing, we reserve the right to delay executing a payment order for any reason in our sole good faith discretion, including but not limited to concerns regarding its authenticity, accuracy, or completeness or lack of sufficient funds in the Account. Our processing of payment orders is subject to our processing schedule and cutoff times, which are subject to change from time to time. Payment orders received by us after the cutoff time will be deemed to have been received on the next Business Day.
