Funds Transfer Definition. “Funds Transfer” means the series of transactions, beginning with your payment order, made for the purpose of making payment to the beneficiary of the order. A Funds Transfer is completed by the “acceptance” of the payment order by the beneficiary’s bank of a payment order. Generally, a Funds Transfer under this section does not include any transaction if any part of the transfer is covered by the Electronic Fund Transfer Act of 1978 (or Regulation E), as amended from time to time. We may accept a payment order orally, electronically, or in writing, but your order cannot state any condition to payment to the beneficiary other than the time of payment. Unless we have otherwise agreed in writing, we will notify you of funds credited to your account through your account statement covering the period in which the funds were credited. We are under no obligation to provide you with any additional notice or receipt. If a transfer instruction describes the person to receive payment inconsistently by name and account number, payment may be made on the basis of the account number even if the account number identifies a person different from the named person. If a transfer instruction describes a participating financial institution inconsistently by name and identification number, the identification number may be relied upon as the proper identification of the financial institution.
