Electronic Funds Transfer System Sample Clauses
The Electronic Funds Transfer System clause establishes the procedures and requirements for making payments electronically between parties. It typically outlines the acceptable methods of electronic transfer, such as wire transfers or ACH payments, and may specify details like account information, timing, and notification requirements. This clause ensures that both parties have a clear, agreed-upon process for transferring funds, reducing the risk of payment delays or disputes and promoting efficient financial transactions.
Electronic Funds Transfer System. Customer may designate in the Wire Request the particular electronic funds-transfer system and the intermediary banks, if any, to be used by us in connection with the wire transfer transaction. If Customer does not so designate, we will choose the electronic funds-transfer system and intermediary banks, if necessary, to complete the wire transfer transaction. Notwithstanding Customer designation, we may use any electronic funds-transfer system to execute a Wire Request without prior notification to Customer if we determine, in good faith, that it is not feasible to follow Customer designation or that following it would unduly delay completion of the wire transfer transaction. Each electronic funds-transfer system may be governed by its own operating rules and regulations. Wire transfer transactions under this Agreement shall be subject to the rules and regulations of the applicable electronic funds transfer system, including all interbank compensation rules governing the settlement of claims for compensation or adjustments of errors between member banks. Each electronic funds-transfer and/or communications system selected by us in executing a wire transfer instruction shall be considered Customer agent. Customer shall have no right to cancel any Payment Order after its receipt by Bank. Bank shall, however, use reasonable efforts to act on request by Customer for cancellation of a Payment Order prior to execution by Bank of such Payment Order, provided such request complies with the Wire Security Procedures. Bank shall have no liability if such cancellation is not completed. Customer shall reimburse Bank for any expenses, losses or damages Bank may incur in effecting or attempting to effect Customer’s request for the cancellation of any Payment Order.