Payment Processing and Settlement. If we accept a payment order you give us, we may receive payment by automatically deducting from any authorized account the amount of the payment order plus the amount of any expenses and charges for our services in execution of your payment order. We are entitled to payment on the payment or execution date. Unless your payment order specifies otherwise, the payment or execution date is the funds transfer date we receive the payment order. The funds transfer is completed upon acceptance by the beneficiary’s bank. Your obligation to pay your payment order is excused if the funds transfer is not completed, but you are still responsible to pay us any expenses and charges for our services. However, if you told us to route the funds transfer through an intermediate bank, and we are unable to obtain a refund because the intermediate bank that you designated has suspended payments, then you are still obligated to pay us for the payment order. You will not be entitled to interest on any refund you receive because the beneficiary’s bank does not accept the payment order.
Payment Processing and Settlement. If we accept a payment order from you, we may receive payment by automatically deducting from any of your Accounts the amount of the payment order plus the amount of any expenses and charges for our services in connection with the execution of your payment order. We are entitled to payment on the payment or execution date. Unless your payment order specifies otherwise, the payment or execution date is the funds transfer business day we receive the payment order. The funds transfer is completed upon acceptance by the beneficiary’s bank. Your obligation to pay your payment order is excused if the funds transfer is not completed, but you are still responsible to pay us any expenses and charges for our services. However, if you told us to route the funds transfer through an intermediary bank, and we are unable to obtain a refund because the intermediary bank that you designated has suspended payments, then you are still obligated to pay us for the payment order. Security Procedures: You agree that we may verify the authenticity of any payment order or communication cancelling or amending a payment order issued in your name using our security procedures in place at the time of any such order or communication. Our security procedures may (but will not necessarily) include signature verification, call back procedures, the use of identifying words or numbers and identification including but not limited to valid driver’s license, passport or other acceptable photo identification document. You affirm that you are not subject to any circumstances that are relevant to the determination of a commercially reasonable security procedure unless those circumstances are expressly set forth in a separate writing signed by us. If you refuse a commercially reasonable security procedure that we have offered you, then: (a) we will have no obligation to accept any payment order from you or any Authorized Representatives or Authorized User without your agreement with us in writing to an alternate security procedure; and
