General Rules for Consumer and Commercial Funds Transfers Sample Clauses

General Rules for Consumer and Commercial Funds Transfers. This section applies to all electronic deposits, electronic payments, wire transfers, and other EFTs affecting your account. We describe your additional rights and obligations regarding Consumer EFTs in Section H. If there is a conflict between this section and Section H as to Consumer EFTs, Section H will govern. This section applies to transfers based on instructions received from you, or anyone else authorized on your signature card, or anyone else you authorize to conduct any transaction. In this Section G the term “payment order” means an instruction to us to pay, or to cause another bank to pay, money to a third party, known as the “beneficiary” of the payment order. You agree to indemnify and hold harmless the Bank from and against any and all claims, demands, expenses (including, but not limited to, attorney’s fees and costs), losses, or damage of any nature whatsoever, unless caused by gross negligence of the Bank, arising directly or indirectly from any payment order that you or your authorized representative initiates pursuant to this Agreement. You may not reverse, adjust, or cancel a payment order after we receive it, unless we agree to do so in our sole discretion. In the case of an erroneous or otherwise irregular transfer of funds out of your account, the Bank may, but shall not be obligated to, request the transferee to return the funds. A payment order is charged against your account when we make the transfer. The Bank reserves the right to utilize any funds transfer system of the Bank’s choosing and any intermediary bank to be used in the execution of any payment order and the Bank may otherwise use any other means of executing the payment order which the Bank deems reasonable. If a payment order is in a currency other than the U.S. dollar, the Bank will charge your account for the U.S. dollar equivalent of the amount of the foreign currency that you request be transferred at the Bank’s then prevailing rate of exchange or as we otherwise agree with you in writing. In processing your payment orders, other banks may deduct their fees from the payment orders and those fees will be your responsibility. If the beneficiary’s bank is instructed to pay the beneficiary in a currency other than its local currency, payment may be made by the beneficiary’s bank at whatever rate of exchange it uses on the date of its payment. You will be responsible for complying with all local currency restrictions and any other local laws governing the transaction....
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