Common use of Receipt of Funds Transfer Clause in Contracts

Receipt of Funds Transfer. A “funds transfer” is a transfer of funds to your account which is not initiated by a check, draft or similar paper instrument issued to you, but by a payment order directed to the institution holding the payor’s funds. Most funds transfers, including regularly recurring transfers such as direct deposit of Social Security payments or wages are governed by our Consumer Electronic Fund Transfer Agreement. Some, like wire transfers, are not. If we receive a “funds transfer” to your account that is not governed by our Consumer Electronic Fund Transfer Agreement, we may, in our discretion, refuse to accept it, if it is a “funds transfer” we are not required by law to accept. (Generally, we are required by law to accept “funds transfers” that are not governed by our Consumer Electronic Fund Transfer Agreement.) If we accept a “funds transfer” not governed by our Consumer Electronic Fund Transfer Agreement, we may, in our discretion, send notice by first class mail to your last address as it appears on our records. We do not have to send a notice other than your periodic statement, if you get a statement for that account.

Receipt of Funds Transfer. A “"funds transfer” " is a transfer of funds to your account which is not initiated by a check, draft or similar paper instrument issued to you, but by a payment order directed to the institution holding the payor’s fundsinstrument. Most funds transfers, including regularly recurring transfers such as direct deposit of Social Security payments or wages paychecks are governed by our Consumer Electronic Fund Transfer ("EFT") Agreement. Some, like wire transfers, are not, but under most circumstances we are required by law to accept them. If we receive a “"funds transfer” " to your account that is not governed by our Consumer Electronic Fund Transfer EFT Agreement, we may, in our discretion, refuse to accept it, if it is a “"funds transfer” " we are not required by law to accept. (Generally, If we are required by law to accept “a "funds transfers” that are transfer" not governed by our Consumer Electronic Fund Transfer Agreement.) If we accept a “funds transfer” not governed by our Consumer Electronic Fund Transfer EFT Agreement, we may, in our discretion, send notice by first class mail to your last address as it appears on our records. We records (or by electronic communication if you have agreed to receive electronic communications from us), but we do not have agree to send a notice (other than your periodic statement, if you get a statement for that account.)

Receipt of Funds Transfer. A “funds transfer” is a transfer of funds to your account which is not initiated by a check, draft or similar paper instrument issued to you, but by a payment order directed to the institution holding the payor’s funds. Most funds transfers, including regularly recurring transfers such as direct deposit of Social Security payments or wages are governed by our Consumer Electronic Fund Transfer (“EFT”) Agreement. Some, like wire transfers, are not. If we receive a “funds transfer” to your account that is not governed by our Consumer Electronic Fund Transfer EFT Agreement, we may, in our discretion, refuse to accept it, if it is a “funds transfer” we are not required by law to accept. (Generally, we are required by law to accept “funds transfers” that are not governed by our Consumer Electronic Fund Transfer EFT Agreement.) If we accept a “funds transfer” not governed by our Consumer Electronic Fund Transfer EFT Agreement, we may, in our discretion, send notice by first class mail to your last address as it appears on our records. We do not have to send a notice other than your periodic statement, if you get a statement for that account.