ACH AND WIRE TRANSACTIONS. Automated Clearing House (ACH) entries and electronic fund transfers can be credited to or debited from your account; however, we reserve the right to refuse to allow ACH entries or electronic fund transfers into or out of any account. In the case of ACH transactions, you are bound by the National Automated Clearing House Association (NACHA) Operating Rules then in effect. In the case of other electronic fund transfers, you are bound by any rules then in effect governing the use of any system through which the funds may be transmitted, including Federal Reserve Board Regulation J (in the case of a Fedwire transfer) and the Clearing House Interbank Payments System (CHIPS), as applicable. You are also bound by our standard Funds Transfer Authorization and Agreement, as amended from time to time, the terms of which are incorporated into this Agreement by reference. You agree that you are responsible for reviewing a current copy of our standard Funds Transfer Authorization and Agreement before you initiate any wire transfer. We will notify you of the receipt of any ACH entry or wire transfer in the periodic statements provided to you for your account. We will not (and will not be obligated to) give you next-day notice or any other notice. If you believe we have failed to properly credit a transfer to you, you agree to notify us promptly. For ACH entries to consumer accounts and certain business accounts (i.e., those that do not contain an auxiliary on-us field in the MICR line of their checks) you must notify us of an error within 60 days. (Some consumer electronic transactions may be governed by Regulation E). You agree that payment for ACH or wire transfers may be solely by reference to the account number of the recipient and that we are not obligated to determine whether any discrepancy exists between the account number and the name of the recipient as shown on the transfer information. Any credit we give you with respect to an ACH credit entry is provisional until we receive final payment. If we do not receive final payment, you agree that we are entitled to reverse the credit to your account or that you will otherwise reimburse us immediately upon demand if funds in your account are not sufficient. If you are entitled to compensation for any delay or improper completion of an ACH entry or wire transfer as a result of our error, our liability will be limited to the payment of interest for a period not exceeding the lesser of 60 days or the period between t...
ACH AND WIRE TRANSACTIONS. We may accept payments to your accounts which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act; your rights and obligations with respect to such payments shall be construed in accordance with and governed by laws of the state of New York as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your accounts. Credit given by us with respect to an ACH credit entry is provisional until we receive final settlement for such entry through the Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to your account in connection with such entry, and the party making payment to you via such entry shall not be deemed to have paid you the amount of such entry. Under the operating rules of the National Automated Clearing House Association, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you.
