Common use of Acceptance of Payment Orders Clause in Contracts

Acceptance of Payment Orders. In general, we will accept payment orders only if you have signed an International Wire Transfer Request form, have a sufficient drawable balance on deposit in the appropriate account to execute the payment order, and produce valid identification. Once you have signed an International Wire Transfer Request, we will proceed to execute your request, provided our security procedures are followed. Once you have signed an International Wire Transfer Request, we will review and verify the wire request. We may be required to call you back at the telephone number currently on file with us in our database for verification. If you do not provide us with a current contact number, your request may not be honored. When contacted, you will need to verify some information. You hereby acknowledge that the security procedures described are commercially reasonable and that you have selected the security procedure offered by the credit union after due consideration of all such alternatives and your business circumstances, including the size, type, and frequency of payment orders that you anticipate issuing to the credit union. You hereby acknowledge that you will be liable for any payment order or communication amending or canceling a payment order, whether or not authorized, that is issued in your name and accepted by the credit union in compliance with the agreed-upon security procedure.