Common use of ACH AND WIRE TRANSACTIONS Clause in Contracts

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 the date of the error and the date of the correction. We will not be responsible under any circumstances for any consequential, incidental or actual damages (except for interest as provided above) in the event of any such delay or improper completion. You agree to notify us immediately upon learning of any unauthorized ACH or wire transfer or any other discrepancy from your transfer instructions. We will be discharged from any loss or liability to the extent caused by your delay in giving us such notification. Unless the transaction is governed by Regulation E, without regard to care or lack of care on our part or your part, if you have failed to discover and report to us any unauthorized transfer or any other discrepancy with respect to a transfer instruction within 14 calendar days from the date we first notify you of the transfer (whether by debit advice, periodic statement or otherwise), you will be precluded from asserting against us the unauthorized transfer or other discrepancy or from claiming interest. You acknowledge that this 14 day period constitutes a reasonable period of time for notification of an unauthorized transfer or other discrepancy. We are not obligated to (and will not) verify with you whether an ACH debit entry to your account was authorized by you prior to the occurrence of the debit. You agree not to use the ACH or wire systems to process transactions in violation of Office of Foreign Assets Control (“OFAC”) sanctions or other federal law. Illicit transactions may be blocked or rejected and originators of such ACH or wire transactions may face penalties. Merchants or service providers (referred to herein collectively as “merchant”) may use one of your checks as a source document to initiate an ACH debit entry. For example, when you purchase goods or services in person, the merchant may use a scanning device to capture account information from your check and then use that information, along with certain other information concerning the transaction (such as the amount) to initiate an ACH withdrawal from your account whereby the funds will be debited from your account and deposited into the merchant’s account electronically. In that case, the merchant should ask you to sign an authorization form, give you a receipt for the transaction, and mark your check void and return it to you (you should treat the voided check with care to prevent someone else from obtaining possession of it and using the information to initiate additional debits against your account). The transaction will be described on your statement by the serial number of the check and the amount, but, because the merchant returned the check to you, the check itself (or an image of the check) will not be included with your statement. For consumers only: If you authorize a merchant to use one of your checks to initiate this type of transaction, the transfer is governed by the Electronic Funds Transfer Act and is subject to the Agreement and Disclosure for Electronic Fund Transfer Services set forth later in this Agreement. The transaction is not subject to the rules for normal check transactions. If we return a check you give a merchant due to insufficient funds in your account, the merchant may re-present the check to us electronically as an ACH debit. The merchant must give you a notice (before accepting your check) that your check may be collected electronically if it is returned. The transaction will be described on your statement by the serial number of the check and the amount, but, because the merchant returned the check to you, the check itself (or an image of the check) will not be included with your statement. If a merchant re-presents a check electronically, the transaction is not covered by the Electronic Funds Transfer Act. However, if the merchant charges you a fee as a result of the returned check and you authorize the merchant to electronically debit the fee from your account, that transfer is covered by the Electronic Funds Transfer Act and is subject to the Agreement and Disclosure for Electronic Fund Transfer Services set forth later in this Agreement.

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 the date of the error and the date of the correction. We will not be responsible under any circumstances for any consequential, incidental or actual damages (except for interest as provided above) in the event of any such delay or improper completion. You agree to notify us immediately upon learning of any unauthorized ACH or wire transfer or any other discrepancy from your transfer instructions. We will be discharged from any loss or liability to the extent caused by your delay in giving us such notification. Unless the transaction is governed by Regulation E, without Without regard to care or lack of care on our part or your part, if you have failed to discover and report to us any unauthorized transfer or any other discrepancy with respect to a transfer instruction within 14 calendar days from the date we first notify you of the transfer (whether by debit advice, periodic statement or otherwise), you will be precluded from asserting against us the unauthorized transfer or other discrepancy or from claiming interest. You acknowledge that this 14 day period constitutes a reasonable period of time for notification of an unauthorized transfer or other discrepancy. We are not obligated to (and will not) verify with you whether an ACH debit entry to your account was authorized by you prior to the occurrence of the debit. You agree not to use the ACH or wire systems system to process transactions in violation of Office of Foreign Assets Control (“OFAC”) sanctions or other federal law. Illicit transactions may be blocked or rejected and originators of such ACH or wire transactions may face penalties. Merchants or service providers (referred to herein collectively as “merchant”) may use one of your checks as a source document to initiate an ACH debit entry. For example, when you purchase goods or services in person, the merchant may use a scanning device to capture account information from your check and then use that information, along with certain other information concerning the transaction (such as the amount) to initiate an ACH withdrawal from your account whereby the funds will be debited from your account and deposited into the merchant’s account electronically. In that case, the merchant should ask you to sign an authorization form, give you a receipt for the transaction, and mark your check void and return it to you (you should treat the voided check with care to prevent someone else from obtaining possession of it and using the information to initiate additional debits against your account). The transaction will be described on your statement by the serial number of the check and the amount, but, because the merchant returned the check to you, the check itself (or an image of the check) will not be included with your statement. For consumers only: If you authorize a merchant to use one of your checks to initiate this type of transaction, the transfer is governed by the Electronic Funds Transfer Act and is subject to the Agreement and Disclosure for Electronic Fund Transfer Services set forth later in this Agreement. The transaction is not subject to the rules for normal check transactions. If we return a check you give a merchant due to insufficient funds in your account, the merchant may re-present the check to us electronically as an ACH debit. The merchant must give you a notice (before accepting your check) that your check may be collected electronically if it is returned. The transaction will be described on your statement by the serial number of the check and the amount, but, because the merchant returned the check to you, the check itself (or an image of the check) will not be included with your statement. If a merchant re-presents a check electronically, the transaction is not covered by the Electronic Funds Transfer Act. However, if the merchant charges you a fee as a result of the returned check and you authorize the merchant to electronically debit the fee from your account, that transfer is covered by the Electronic Funds Transfer Act and is subject to the Agreement and Disclosure for Electronic Fund Transfer Services set forth later in this Agreement.

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 the date of the error and the date of the correction. We will not be responsible under any circumstances for any consequential, incidental or actual damages (except for interest as provided above) in the event of any such delay or improper completion. You agree to notify us immediately upon learning of any unauthorized ACH or wire transfer or any other discrepancy from your transfer instructions. We will be discharged from any loss or liability to the extent caused by your delay in giving us such notification. Unless the transaction is governed by Regulation E, without Without regard to care or lack of care on our part or your part, if you have failed to discover and report to us any unauthorized transfer or any other discrepancy with respect to a transfer instruction within 14 calendar days from the date we first notify you of the transfer (whether by debit advice, periodic statement or otherwise), you will be precluded from asserting against us the unauthorized transfer or other discrepancy or from claiming interest. You acknowledge that this 14 day period constitutes a reasonable period of time for notification of an unauthorized transfer or other discrepancy. We are not obligated to (and will not) verify with you whether an ACH debit entry to your account was authorized by you prior to the occurrence of the debit. You agree not to use the ACH or wire systems system to process transactions in violation of Office of Foreign Assets Control (“OFAC”) sanctions or other federal law. Illicit transactions may be blocked or rejected and originators of such ACH or wire transactions may face penalties. Merchants or service providers (referred to herein collectively as “merchant”) may use one of your checks as a source document to initiate an ACH debit entry. For example, when you purchase goods or services in person, the merchant may use a scanning device to capture account information from your check and then use that information, along with certain other information concerning the transaction (such as the amount) to initiate an ACH withdrawal from your account whereby the funds will be debited from your account and deposited into the merchant’s account electronically. In that case, the merchant should ask you to sign an authorization form, give you a receipt for the transaction, and mark xxxx your check void and return it to you (you should treat the voided check with care to prevent someone else from obtaining possession of it and using the information to initiate additional debits against your account). The transaction will be described on your statement by the serial number of the check and the amount, but, because the merchant returned the check to you, the check itself (or an image of the check) will not be included with your statement. For consumers only: If you authorize a merchant to use one of your checks to initiate this type of transaction, the transfer is governed by the Electronic Funds Transfer Act and is subject to the Agreement and Disclosure for Electronic Fund Transfer Services set forth later in this Agreement. The transaction is not subject to the rules for normal check transactions. If we return a check you give a merchant due to insufficient funds in your account, the merchant may re-present the check to us electronically as an ACH debit. The merchant must give you a notice (before accepting your check) that your check may be collected electronically if it is returned. The transaction will be described on your statement by the serial number of the check and the amount, but, because the merchant returned the check to you, the check itself (or an image of the check) will not be included with your statement. If a merchant re-presents a check electronically, the transaction is not covered by the Electronic Funds Transfer Act. However, if the merchant charges you a fee as a result of the returned check and you authorize the merchant to electronically debit the fee from your account, that transfer is covered by the Electronic Funds Transfer Act and is subject to the Agreement and Disclosure for Electronic Fund Transfer Services set forth later in this Agreement.