Common use of Account Validation Clause in Contracts

Account Validation. You authorize us to validate the accounts through the use of a micro deposit, in which two transactions will be credited to the Account. Once the micro deposits are complete we may ask you to access your account at the other financial institution to tell us the amount of the two micro deposits or any additional information reported by your bank with this test transfer. We may also verify Accounts by requiring you to submit proof of ownership of the Account. If you do not provide validation of the Account, you will not be permitted to access the Account using External Transfers. By using External Transfers, you represent and warrant that you have the right to authorize and permit us to access your Accounts to affect such funds transfers or for any other purpose authorized by this Agreement, and you assure us that by disclosing and authorizing us to use such information you are not violating any third party rights. You warrant and represent that the information you are providing us with is true, current, correct and complete. You hereby authorize and permit the Credit Union to use information submitted by you to accomplish these purposes. For as long as you are using External Transfers, you give us a limited power of attorney and appoint us as your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and in your name, place and xxxxx, in any and all capacities, to access the Accounts, effect funds transfers as described above, with full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with effecting funds transfers, including verifying the content and authenticity of any funds transfer instruction for the purposes of security procedures applicable to Accounts, as fully as you might or could in person. Once we have actual knowledge that you wish to cease using External Transfers as provided in this Agreement and have a reasonable opportunity to act on such knowledge, this limited power of attorney is automatically revoked; provided, however, that any act done by us in good faith before we have actual knowledge of termination by you and have a reasonable opportunity to act on such knowledge shall be deemed to be authorized by you. You understand and agree that at all times your relationship with each Account provider is independent of the Credit Union and your use of External Transfers. We will not be responsible for any acts or omissions by the financial institution or other provider of any Account, including without limitation any modification, interruption or discontinuance of any Account by such provider. You agree that we shall not be liable for any costs, fees, losses or damages of any kind incurred as a result of (1) our access to the Accounts; (2) our debit and/or credit or inability to debit and/or credit the Accounts in accordance with your funds transfer instructions; (3) any inaccuracy, incompleteness or misinformation contained in the information retrieved from the Accounts; (4) any charges imposed by any provider of accounts and (5) any funds transfer limitations set by the financial institutions or other providers of the Accounts. Not all types of accounts are eligible for funds transfer. We are not responsible for any costs or losses incurred from fund transfers that are not permitted under such restrictions by the provider of your Account or those imposed by applicable law.

Account Validation. You authorize us to validate the accounts through the use of a micro deposit, in which two transactions will be credited to the Account. Once the micro deposits are complete complete, we may ask you to access your account at the other financial institution to tell us the amount of the two micro deposits or any additional information reported by your bank with this test transfer. We may also verify Accounts by requiring you to submit proof of ownership of the Account. If you do not provide validation of the Account, you will not be permitted to access the Account using External Transfers. By using External Transfers, you represent and warrant that you have the right to authorize and permit us to access your Accounts to affect such funds transfers or for any other purpose authorized by this Agreement, and you assure us that by disclosing and authorizing us to use such information you are not violating any third third-party rights. You warrant and represent that the information you are providing us with is true, current, correct correct, and complete. You hereby authorize and permit the Credit Union to use information submitted by you to accomplish these purposes. For as long as you are using External Transfers, you give us a limited power of attorney and appoint us as your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and in your name, place and xxxxx, in any and all capacities, to access the Accounts, effect funds transfers as described above, with full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with effecting funds transfers, including verifying the content and authenticity of any funds transfer instruction for the purposes of security procedures applicable to Accounts, as fully as you might or could in person. Once we have actual knowledge that you wish to cease using External Transfers as provided in this Agreement and have a reasonable opportunity to act on such knowledge, this limited power of attorney is automatically revoked; provided, however, that any act done by us in good faith before we have actual knowledge of termination by you and have a reasonable opportunity to act on such knowledge shall be deemed to be authorized by you. You understand and agree that at all times your relationship with each Account provider is independent of the Credit Union and your use of External Transfers. We will not be responsible for any acts or omissions by the financial institution or other provider of any Account, including without limitation any modification, interruption interruption, or discontinuance of any Account by such provider. You agree that we shall not be liable for any costs, fees, losses or damages of any kind incurred as a result of (1) our access to the Accounts; (2) our debit and/or credit or inability to debit and/or credit the Accounts in accordance with your funds transfer instructions; (3) any inaccuracy, incompleteness or misinformation contained in the information retrieved from the Accounts; (4) any charges imposed by any provider of accounts and (5) any funds transfer limitations set by the financial institutions or other providers of the Accounts. Not all types of accounts are eligible for funds transfer. We are not responsible for any costs or losses incurred from fund transfers that are not permitted under such restrictions by the provider of your Account or those imposed by applicable law.