Common use of Service Setup Clause in Contracts

Service Setup. You must complete the Wire Transfer set-up form(s) before accessing the Service. Using the Wire Transfer set-up forms, you must designate a person (“Designated Contact”) to receive all confidential materials from Bank relating to this Service. In addition, you must designate individuals who are authorized to initiate telephonic Payment Orders to Bank’s Wire Room (“Authorized Representatives”) and individuals who are authorized to confirm such Payment Orders (“Confirming Representatives”). You understand that Bank will rely on all instructions and Payment Orders from the Authorized Representatives. For each new Service set-up or modification to a current Service set-up, you must specify: • The Account(s) with respect to which each Authorized Representative and Confirming Representative has authority. • Whether authority is provided for domestic wires, international wires, or both. • If applicable, information to establish repetitive payments from a designated Account to designated accounts at Bank or at other financial institutions (“Repetitive Transfers”). You may limit the authority of any Authorized Representative or Confirming Representative to give telephonic wire transfer instructions for Repetitive Transfers and non-repetitive wire transfers. Each Authorized Representative and Confirming Representative will be provided with a unique personal identification code (an “Authorization Code”) to be used for identification purposes when initiating or confirming Payment Orders. You must select the delivery method for Authorization Codes from the options made available by Bank from time to time.