Reporting Errors in Transfers Clause Samples
The 'Reporting Errors in Transfers' clause establishes the procedures and responsibilities for notifying the relevant party when a mistake or discrepancy occurs during a transfer, such as a financial transaction or data exchange. Typically, this clause requires the recipient or sender to promptly inform the other party of any errors discovered, often within a specified timeframe, and may outline the steps for correcting the issue. Its core practical function is to ensure that errors are identified and addressed quickly, minimizing potential losses or disputes and maintaining the integrity of the transfer process.
Reporting Errors in Transfers. If Secured Party or Company learns of any error in a funds transfer or any unauthorized funds transfer, then the party learning of such error or unauthorized transfer (the “Informed Party”) must notify Bank as soon as possible by telephone at (800) AT- ▇▇▇▇▇ (which is a recorded line), and provide written confirmation to Bank of such telephonic notice within two Business Days at the address given for Bank on the signature page of this Agreement. In no case may such notice to Bank by an Informed Party be made more than fourteen (14) calendar days after such Informed Party learns of the erroneous or unauthorized transfer. If a funds transfer is made in error and Bank suffers a loss because an Informed Party breached its agreement to notify Bank of such error within the time limits specified in this Section 7, then such Informed Party shall reimburse Bank for the loss promptly upon demand by Bank; provided, however, that in the event both Secured Party and Company breach this notification requirement, Secured Party shall not be obligated to reimburse Bank for the loss unless Company fails to satisfy Bank’s demand for reimbursement within fifteen (15) calendar days after demand is made on Company.
Reporting Errors in Transfers. If Secured Party or Customer learns of any error in a funds transfer or any unauthorized funds transfer, then the party learning of such error or unauthorized transfer (the "Informed Party") must notify ▇▇▇▇▇ Fargo as soon as possible in writing at ▇▇▇▇▇ Fargo Bank, N.A., Wire Investigations, MAC 0186-068, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, or by telephone at (800) AT-▇▇▇▇▇ (which is a recorded line). In no case may such notice to ▇▇▇▇▇ Fargo by an Informed Party be made more than fourteen (14) calendar days after ▇▇▇▇▇ Fargo's first confirmation of a funds transfer to such Informed Party. If a funds transfer is made in error and ▇▇▇▇▇ Fargo suffers a loss because Secured Party or Customer breached its agreement to notify ▇▇▇▇▇ Fargo of such error within this fourteen (14) calendar day period, then the party or parties which breached this agreement shall be obligated to reimburse ▇▇▇▇▇ Fargo for such loss promptly upon demand by ▇▇▇▇▇ Fargo; provided, however, that in the event both Secured Party and Customer breach this notification requirement, Secured Party shall not be obligated to reimburse ▇▇▇▇▇ Fargo for such loss unless Customer fails to satisfy ▇▇▇▇▇ Fargo's demand for such reimbursement within fifteen (15) calendar days after such demand is made on Customer.
Reporting Errors in Transfers. If Lender or Borrowers learn of any error in an ACH Debit transfer or any unauthorized funds transfer, then the party learning of such error or unauthorized transfer (the "Informed Party") must notify Wells Fargo as soon as possible by telephone at (▇▇▇) AT-WELLS (which is a recorded line), and provide writ▇▇▇ confirmation to Wells Fargo of such telephonic notice within two ▇▇▇▇▇ess Days at the address given for Wells Fargo on the signature page of this Agreem▇▇▇. In no case may such notice to Wells Fargo by an Informed Party be made more than ▇▇▇rty (30) calendar days after Wells Fargo's first confirmation of an ACH Debit ▇▇▇▇▇fer or other funds transfer to such Informed Party, whether such first confirmation consists of the regular monthly statement for the Lender Account or otherwise. If a funds transfer is made in error and Wells Fargo suffers a loss because Lender or B▇▇▇▇▇ers breached their agreement to notify Wells Fargo of such error within this thirty (30) c▇▇▇▇▇ar day period, then the party or parties which breached this agreement shall be obligated to reimburse Wells Fargo for such loss promptly upon demand by ▇▇▇▇s Fargo; provided, however, that in the event ▇▇▇▇ Lender and Borrowers breach this notification requirement, Lender shall not be obligated to reimburse Wells Fargo for such loss unless Borrowers fail ▇▇ ▇atisfy Wells Fargo's demand for such reimbursement within ▇▇▇▇▇en (15) calendar days after such demand is made on Borrowers.
Reporting Errors in Transfers. If Depositor learns of any error in a funds transfer or any unauthorized funds transfer, then Depositor must notify Bank as soon as possible by telephone and provide written confirmation to Bank of such telephone notice within two Business Days at the address given for Bank on the signature page of this Agreement. In no case may such notice to Bank by Depositor be made more than fifteen (15) calendar days after Depositor learns of the erroneous or unauthorized transfer. If a funds transfer is made in error and Bank suffers a loss because Depositor breached its agreement to notify Bank of such error within the time limits specified in this Section, then Depositor shall reimburse Bank for the loss promptly upon demand by Bank.