Processing Payment Orders. We will process Payment Orders based solely upon information received from you. We may, at our discretion, process Payment Orders through any commercially reasonable funds transfer system, which includes, without limitation, the Federal Reserve Bank System (Fedwire) or SWIFT. Any Wire Transfer Service shall be governed by Subpart B of Regulation J promulgated by the Federal Reserve Board if all or any part of the funds transfer is made through Fedwire. In the case where we are the Beneficiary’s credit union, we may simply debit and credit the appropriate accounts as requested in the authorized Payment Order. If a Payment Order indicates an intermediary bank or credit union or a Beneficiary’s bank or credit union inconsistently by name and identifying number, execution of the Payment Order may be based solely upon the number, even if the number identifies a bank or credit union different from the named bank or credit union or a person who is neither a bank or credit union. If a Payment Order describes a Beneficiary inconsistently by name and account number, payment may be made based solely upon the account number, even if the account number identifies a person different from the named Beneficiary. Your obligations shall not be excused in these circumstances. You agree to not issue a Payment Order that instructs us to execute the Payment Order on a Business Day that is later than the Business Day on which the Payment Order is received by us, and we may execute any Payment Order on the Business Day of its receipt even though it specifies a later execution date, unless we agree to follow such instructions. You acknowledge that any Payment Order executed by us will be subject to rules and regulations applicable to payment orders generally, including record keeping and information transmittal requirements under the federal Bank Secrecy Act and its implementing regulations. You acknowledge and agree that we may capture and transmit information regarding you (for example, your name, address and account number) and regarding any Beneficiary (for example, the Beneficiary’s name, address, account number, and other Beneficiary identifiers) as part of the processing of a Payment Order. You agree to assist us in connection with any requirements imposed on us in fulfilling our obligations in this regard. We will comply with regulations issued by the U.S. Treasury’s Office of Foreign Assets Control (“OFAC”). If any Payment Order is to an entity listed on the OFAC’s list of Specially Designated Nationals and Block Persons, by law we shall not complete the transfer and shall “block” the funds until such time OFAC issues a written release to us.
Appears in 4 contracts
Samples: Wire Transfer Agreement, Wire Transfer Agreement, Fund / Wire Transfer Agreement
