Common use of Identification of Intermediary or Beneficiary’s Bank Clause in Contracts

Identification of Intermediary or Beneficiary’s Bank. If you give the Credit Union a payment order which identifies an intermediary or beneficiary’s bank by both name and an identifying number, we may rely on the number as the proper identification even if it identifies a different person or institution than the named financial institution. This means that you will be responsible for any loss or expense incurred by us or any receiving financial institution which executes or attempts to execute the payment order in reliance on the identifying number you provided.

Identification of Intermediary or Beneficiary’s Bank. If you give the Credit Union provide Bank a payment order which Payment Order that identifies an intermediary or beneficiary’s beneficiary bank by both name and an identifying number, we Bank may rely on the number as the proper identification even if it identifies a different person or institution bank than the named financial institutionbank. This means that you will be responsible for any loss or expense incurred by us Bank or any receiving financial institution bank which executes or attempts to execute the payment order Payment Order in reliance on the identifying number you provided.

Identification of Intermediary or Beneficiary’s Bank. If you give the Credit Union a payment order which identifies an intermediary or beneficiary’s bank by both name and an identifying number, we a receiving bank may rely on the number as the proper identification even if it identifies a different person or institution than the named financial institutionbank. This means that you will be responsible for any loss or expense incurred by us or any a receiving financial institution bank which executes or attempts to execute the payment order in reliance on the identifying number you provided.