Common use of Receipt of Funds Transfer Clause in Contracts

Receipt of Funds Transfer. “Electronic Funds Transfers” are transfers of funds to your account which are not initiated by a check, draft, or similar paper instrument issued by you, but by electronic means, as further defined in Section 5 below. Any Electronic Funds Transfer made to your account will be provisional and subject to refund until final settlement occurs and we receive credit. We may, at our discretion, refuse to accept any Electronic Funds Transfer; provided it is an Electronic Funds Transfer we are not required by law to accept. See Section 5 below for additional terms and conditions applicable to Electronic Funds Transfers.