Common use of Account Transfer Clause in Contracts

Account Transfer. If you attempt to transfer or assign all or a part of your account, we will not be bound by the transfer or assignment until we agree in writing to the transfer or assignment. We are not required to accept or recognize any transfer or assignment. Unless we agree otherwise in writing, any rights of a transferee or assignee will be subject to our right of setoff or prior security interest. We have no obligation to notify you or any other person before disbursing any funds from your account in accordance with what we in good faith believe to be the terms of the transfer or assignment. SETOFF - We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a note, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. Additionally, by and through this agreement, you grant us a continuing security interest in your account to secure any and all present and future debts that you owe to us. In the case of a joint account, each joint depositor agrees that we may use the money in the account to satisfy any of their individual or joint obligations. The security interest granted by this agreement is consensual and is in addition to the Bank's right of setoff (referred to as statutory security interest in Louisiana). The rights of any POD beneficiary do not attach before and therefore do not take priority over our right of setoff or a consensual security interest granted to us in your account. AUTHORIZED SIGNER (Non-business Accounts) - An authorized signer is someone designated by you to conduct transactions on your behalf. An authorized signer is not an owner of the account. You do not give up any rights to act on the account, and the authorized signer may not in any manner affect your rights or those of the beneficiaries, if any. You are responsible for any transactions of the authorized signer. We undertake no obligation to monitor transactions to determine that they are on your behalf. We reserve the right to require that the designation or removal of an authorized signer must be agreed to by all owners of the account. We may refuse to accept an authorized signer. MULTIPLE SIGNATURES NOT REQUIRED - We may act on the oral or written instructions of any one signer on the account. Each signer may make withdrawals, write checks, transfer funds, stop payments, obtain ancillary services (e.g., electronic fund transfer services or wire transfers), and otherwise give us instructions regarding your account. We may require written authorization for some actions. RESTRICTIVE LEGENDS - The automated processing of the large volume of checks and items we receive prevents us from inspecting or looking for special instructions or “restrictive legends” on every check or item. Examples of restrictive legends placed on checks or items are “must be presented within 90 days” or “not valid for more than $1,000.00.” For this reason, we are not required to honor any restrictive legend placed on checks or items you write unless we have agreed in writing to the restriction. We are not responsible for any losses, claims, damages, or expenses that result from your placement of these or other special instructions on your checks or items. AUTOMATED CLEARING HOUSE (ACH) AND WIRE TRANSFERS - This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, 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 automated clearing house association rules. These 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. If we receive a credit to 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. Wire transfers are subject to any wire transfer agreement between you and us, the terms of which are made a part of this agreement. FACSIMILE SIGNATURES - YOUR USE OF A FACSIMILE SIGNATURE OR XXXX MADE BY A MACHINE, STAMP OR OTHER DEVICE OTHER THAN A HANDWRITTEN SIGNATURE IS EVIDENCE OF YOUR AUTHORIZATION TO US TO PAY CHECKS OR ITEMS CONTAINING OR PURPORTING TO CONTAIN THE FACSIMILE SIGNATURE OR XXXX EVEN IF YOU HAVE NOT GIVEN US SPECIFIC AUTHORITY. YOU HEREBY AGREE TO DEFEND, INDEMNIFY AND HOLD US HARMLESS FOR HONORING ANY CHECK OR ITEM BEARING OR PURPORTING TO BEAR SUCH FACSIMILE SIGNATURE OR XXXX. YOU RECOGNIZE AND AGREE THAT USE OF A FACSIMILE SIGNATURE OR XXXX COULD RESULT IN THE PAYMENT OF A CHECK OR ITEM ON YOUR ACCOUNT THAT WAS NOT AUTHORIZED BY YOU. IF YOU USE A FACSIMILE SIGNATURE OR XXXX MADE BY A MACHINE, STAMP OR OTHER DEVICE OTHER THAN A HANDWRITTEN SIGNATURE, WE MAY ACT ON SUCH FACSIMILE SIGNATURE OR XXXX REGARDLESS OF BY WHOSE ACT OR BY WHICH MEANS SUCH FACSIMILE SIGNATURE OR XXXX APPEARS ON THE CHECK OR OTHER ITEM AND REGARDLESS OF WHETHER YOU AUTHORIZED THE USE OF SUCH FACSIMILE SIGNATURE OR XXXX. WE WILL NOT BE LIABLE AND WILL NOT RECREDIT YOUR ACCOUNT FOR THE AMOUNT OF ANY CHECK OR WITHDRAWAL OR OTHER DAMAGES YOU MAY SUFFER BECAUSE OF SUCH FORGED OR UNAUTHORIZED FACSIMILE SIGNATURE OR XXXX.

Account Transfer. If you attempt to transfer or assign all or a part of your account, we will not be bound by the transfer or assignment until we agree in writing to the transfer or assignment. We are not required to accept or recognize any transfer or assignment. Unless we agree otherwise in writing, any rights of a transferee or assignee will be subject to our right of setoff or prior security interest. We have no obligation to notify you or any other person before disbursing any funds from your account in accordance with what we in good faith believe to be the terms of the transfer or assignment. SETOFF - We may (DIRECT DEPOSITS If we are required for any reason to reimburse the federal government for all or any portion of a benefit payment that was directly deposited into your account, you authorize us to deduct the amount of our liability to the federal government from the account or from any other account you have with us, without prior notice and when permitted at any time, except as prohibited by law) set off . We may also use any other legal remedy to recover the funds in this account against any due and payable debt you owe us now or in the future, by any amount of you having the right of withdrawalour liability. OFFSET AND SECURITY INTERESTS You as a depositor, to the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a notepermitted by applicable law, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. Additionally, by and through this agreement, you grant us a continuing security interest in your account accounts to secure payment and performance of all obligations you owe to HomeStreet Bank. However, if the Truth in Lending (Regulation Z) disclosure requirements apply to any obligation owing to us, then your accounts secure that obligation only if we have given you the necessary disclosures. Whether or not we have a security interest, you also, to the maximum extent permitted by applicable law, grant us a right of offset from any and all present and future debts that of your accounts for any amounts you owe to usHomeStreet Bank as a borrower, guarantor or otherwise. HomeStreet Bank may use the accounts to pay any amount owing to us even if the withdrawal results in an interest penalty or dishonor of subsequent checks. In the case of a joint account, each joint depositor owner agrees that we HomeStreet Bank may use the money in the account accounts to satisfy any one of their his or her individual or joint obligations. The security interest granted by this agreement is consensual and is Similarly, you agree that HomeStreet Bank may use the funds in addition any of your individual accounts to satisfy obligations you owe jointly or through your business, to the Bank's right of setoff (referred to as statutory security interest in Louisiana). The rights of any POD beneficiary do not attach before and therefore do not take priority over our right of setoff or a consensual security interest granted to us in your account. AUTHORIZED SIGNER (Non-business Accounts) - An authorized signer is someone designated extent permitted by you to conduct transactions on your behalf. An authorized signer is not an owner of the account. You do not give up any rights to act on the account, and the authorized signer may not in any manner affect your rights or those of the beneficiaries, if any. You are responsible for any transactions of the authorized signer. We undertake no obligation to monitor transactions to determine that they are on your behalf. We reserve the right to require that the designation or removal of an authorized signer must be agreed to by all owners of the account. We may refuse to accept an authorized signer. MULTIPLE SIGNATURES NOT REQUIRED - We may act on the oral or written instructions of any one signer on the account. Each signer may make withdrawals, write checks, transfer funds, stop payments, obtain ancillary services (e.g., electronic fund transfer services or wire transfers), and otherwise give us instructions regarding your account. We may require written authorization for some actions. RESTRICTIVE LEGENDS - The automated processing of the large volume of checks and items we receive prevents us from inspecting or looking for special instructions or “restrictive legends” on every check or item. Examples of restrictive legends placed on checks or items are “must be presented within 90 days” or “not valid for more than $1,000.00applicable law.” For this reason, we are not required to honor any restrictive legend placed on checks or items you write unless we have agreed in writing to the restriction. We are not responsible for any losses, claims, damages, or expenses that result from your placement of these or other special instructions on your checks or items. AUTOMATED CLEARING HOUSE (ACH) AND WIRE TRANSFERS - This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, 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 automated clearing house association rules. These 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. If we receive a credit to 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. Wire transfers are subject to any wire transfer agreement between you and us, the terms of which are made a part of this agreement. FACSIMILE SIGNATURES - YOUR USE OF A FACSIMILE SIGNATURE OR XXXX MADE BY A MACHINE, STAMP OR OTHER DEVICE OTHER THAN A HANDWRITTEN SIGNATURE IS EVIDENCE OF YOUR AUTHORIZATION TO US TO PAY CHECKS OR ITEMS CONTAINING OR PURPORTING TO CONTAIN THE FACSIMILE SIGNATURE OR XXXX EVEN IF YOU HAVE NOT GIVEN US SPECIFIC AUTHORITY. YOU HEREBY AGREE TO DEFEND, INDEMNIFY AND HOLD US HARMLESS FOR HONORING ANY CHECK OR ITEM BEARING OR PURPORTING TO BEAR SUCH FACSIMILE SIGNATURE OR XXXX. YOU RECOGNIZE AND AGREE THAT USE OF A FACSIMILE SIGNATURE OR XXXX COULD RESULT IN THE PAYMENT OF A CHECK OR ITEM ON YOUR ACCOUNT THAT WAS NOT AUTHORIZED BY YOU. IF YOU USE A FACSIMILE SIGNATURE OR XXXX MADE BY A MACHINE, STAMP OR OTHER DEVICE OTHER THAN A HANDWRITTEN SIGNATURE, WE MAY ACT ON SUCH FACSIMILE SIGNATURE OR XXXX REGARDLESS OF BY WHOSE ACT OR BY WHICH MEANS SUCH FACSIMILE SIGNATURE OR XXXX APPEARS ON THE CHECK OR OTHER ITEM AND REGARDLESS OF WHETHER YOU AUTHORIZED THE USE OF SUCH FACSIMILE SIGNATURE OR XXXX. WE WILL NOT BE LIABLE AND WILL NOT RECREDIT YOUR ACCOUNT FOR THE AMOUNT OF ANY CHECK OR WITHDRAWAL OR OTHER DAMAGES YOU MAY SUFFER BECAUSE OF SUCH FORGED OR UNAUTHORIZED FACSIMILE SIGNATURE OR XXXX.