Common use of Payee List Clause in Contracts

Payee List. You must provide Bank with complete and accurate information to enable Bank to properly direct a payment to the correct Payee and the correct Payee account ("Payee Information"). Payee Information will include, but not be limited to, the name, telephone number, and address of the Payee and the Payee account number. You can enter Payee Information directly using the Xxxx Payment Service. Additions, deletions and changes to Payee Information are entered directly by you, and are communicated to Bank upon transmission of the information to Bank. Additions, deletions, and/or changes to Payees will be effective immediately. Bank may rely on the accuracy of the Payee Information provided, until such time as you notify us otherwise. Any notifications for additions, deletions, or changes must be in writing and provided to the Bank before they will be effective. Bank will have a reasonable amount of time to implement changes to your Payee Information. Bank will endeavor to update all Payee Information change requests within one (1) full Business Day of Bank’s receipt of the request.