Common use of Requesting Stop Payments Clause in Contracts

Requesting Stop Payments. You shall include in each stop payment request the check number, the MICR serial number, the exact amount of the check for which payment is being stopped (dollars and cents), and the account number on which the check is drawn. You understand and agree that Bank can only stop a check that shows the same MICR serial number and exact amount of the check as that set forth in the stop payment request. You agree to review your account statements prior to transmitting a stop payment request and to not transmit any request relating to a check that has been shown to be paid on such statements. Bank is not liable for processing any check that does not appear as paid on a statement with the correct check serial number due to defects or damages to MICR information on the check. You acknowledge that under certain circumstances, Bank may pay a check even if a stop payment request is in effect (for example, where an office becomes a “holder in due course” of the check being stopped). Any stop payment request shall terminate at one hundred and eighty (180) days after the hold is placed, unless it is renewed or cancelled earlier. All stop payment requests will be cancelled automatically when the account on which the check is drawn is closed or transferred. WIRE TRANSFERS Agreement This Agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution, or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person, or account other than the one named. You agree to be bound by ACH Rules. These ACH Rules provide, among other things that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403 (a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.