Common use of Rejection of Payment Orders Clause in Contracts

Rejection of Payment Orders. Except as otherwise expressly provided in a written agreement signed by Bank, Bank has the right to reject any Payment Order for any reason, if Bank acts in good faith, including (a) your failure to have or maintain immediately available funds in your Account sufficient to settle the Payment Order, (b) if Bank believes in good faith the Payment Order or your instructions were not authorized, or (c) the transfer would result in a violation of any applicable law, regulation, court order, or the rights of any third party. If Bank rejects any Payment Order communicated to Bank in accordance with the Security Procedures, Bank will use reasonable efforts to notify you by phone or other reasonable means no later than the Business Day that Bank would have executed the rejected Payment Order. Bank is not liable to you for Bank’s rejection of any Payment Order, or the fact that any notice of rejection was not given to you at an earlier time.