Common use of ACH & Wire Transfers Clause in Contracts

ACH & Wire Transfers. This agreement is subject to article 4A of the Uniform Commercial Code- Funds Transfers as adopted in the state of Massachusetts. If we provide the service, you may initiate or receive credits or debits to your account through wire or ACH transfer. You agree that if you receive funds by a wire or ACH transfer, we are not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. We may provisionally credit your account for an ACH transfer before we receive final settlement. We may reverse the provisional credit, or you will refund us the amount, in addition to any service charges as set forth in our fee schedule, if we do not receive final settlement. The posting of incoming international ACH entries may be delayed to accommodate complying with all U.S. laws and regulations. When you initiate a wire transfer, you may identify either the recipient or any financial institution by name and by account or identifying number. The Credit Union (and other institutions) may rely on the account or other identifying number as the proper identification even if it identifies a different party or institution.