Common use of Credit Union’s Liability for Errors Clause in Contracts

Credit Union’s Liability for Errors. If the Credit Union does not properly complete a transaction according to this Agreement, our liability to you shall not exceed the amount of the transaction, except as otherwise provided by law. The Credit Union will not be liable if: • your account does not contain enough money to make the transaction; • circumstances beyond the Credit Union’s control prevents the transaction, • your loss is caused, in whole or any part, by your negligence or the negligence of another financial institution; or • the money in your account is subject to legal process or other claim. The Credit Union will not be liable for consequential damages except to the extent applicable law requires us to accept liability for wrongful dishonor. The Credit Union’s actions will constitute the exercise of ordinary care if such actions or nonactions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearing house rules, and general banking practices followed in the area serviced by the Credit Union. You grant us the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this Agreement. Any conflict between oral representations by you or Credit Union employees and any written form will be resolved by reference to this Agreement and applicable written form.