Common use of Scheduling Transfers Clause in Contracts

Scheduling Transfers. Once registered, you may make one-time transfers at any time using Online Banking or Mobile Banking by entering the email address or mobile phone number of the recipient. An unregistered recipient must register within 14 days and set up the same email address or mobile phone number that you entered to send them money. If the recipient does not register, set up an email address or mobile number and accept the transfer within 14 days, the transaction will be cancelled. During this period, a hold will be placed on the sender's account for the amount of the transfer. Once the recipient has successfully enrolled in the Email/Mobile Transfer Network, transfers will automatically be debited from the sender's account and deposited in the recipient's account. If the sender and recipient are both Bank of America customers enrolled in the Email/Mobile Transfer Network, transfers will be immediately debited from the sender's account and reflected in the recipient's account in accordance with the time frames indicated in Transfers to Deposit Accounts in Section 3.A. If both parties are enrolled in the Email/Mobile Transfer Network but you are sending money to a customer of a different bank, the transfer will be immediately debited from your account and, if completed by 9:00 p.m. ET, will be delivered to the recipient's bank within three business days. Bank of America is not responsible for any failure of another bank to timely credit its customer's account. The transfer process for funds sent to you using your email address or mobile number generally takes approximately four business days, subject to the terms of the sender's agreement with its bank. Bank of America will deposit the funds into your designated account when the transfer has settled and the funds are available. You acknowledge and agree that payment transfers will be completed using only the email address or mobile phone number you enter even if it identifies a person different from your intended recipient. The name you enter will help you identify your intended recipient in the drop down menu and your transaction history but will not be used to process payments. Please make sure you accurately enter the recipient's email address or mobile phone number since your obligation to pay for the transfer will not be excused by an error in the information you enter. Transfer Instructions relating to external accounts and the transmission and issuance of data related to such Instructions shall be received pursuant to the terms of this Agreement and the rules of the National Automated Clearing House Association ("NACHA") and the applicable automated clearing house ("Regional ACH") (collectively, the "Rules") and you and we agree to be bound by such Rules as in effect from time to time. In accordance with such Rules, any credit to an account shall be provisional until such credit has been finally settled by us or the third party institution which holds the account.

Scheduling Transfers. Once registered, you may make one-time transfers at any time using Online Banking or Mobile Banking by entering the email address or mobile phone number of the recipient. An unregistered recipient must register within 14 days and set up the same email address or mobile phone number that you entered to send them money. If the recipient does not register, set up an email address or mobile number and accept the transfer within 14 days, the transaction will be cancelled. During this period, a hold will be placed on the sender's account for the amount of the transfer. Once the recipient has successfully enrolled in the Email/Mobile Transfer Network, transfers will automatically be debited from the sender's account and deposited in the recipient's account. If the sender and recipient are both Bank of America A xxxxxx customers enrolled in the Email/Mobile Transfer Network, transfers will be immediately debited from the sender's account and reflected in the recipient's account in accordance with the time frames indicated in Transfers to Deposit Accounts in Section 3.A. If both parties are enrolled in the Email/Mobile Transfer Network but you are sending money to a customer of a different bank, the transfer will be immediately debited from your account and, if completed by 9:00 p.m. ET, will be delivered to the recipient's bank within three business days. Bank of America is not responsible for any failure of another bank to timely credit its customer's account. The transfer process for funds sent to you using your email address or mobile number generally takes approximately four business days, subject to the terms of the sender's agreement with its bank. Bank of America will deposit the funds into your designated account when the transfer has settled and the funds are available. You acknowledge and agree that payment transfers will be completed using only the email address or mobile phone number you enter even if it identifies a person different from your intended recipient. The name you enter will help you identify your intended recipient in the drop down menu and your transaction history but will not be used to process payments. Please make sure you accurately enter the recipient's email address or mobile phone number since your obligation to pay for the transfer will not be excused by an error in the information you enter. Transfer Instructions relating to external accounts and the transmission and issuance of data related to such Instructions shall be received pursuant to the terms of this Agreement and the rules of the National Automated Clearing House Association ("NACHA") and the applicable automated clearing house ("Regional ACH") (collectively, the "Rules") and you and we agree to be bound by such Rules as in effect from time to time. In accordance with such Rules, any credit to an account shall be provisional until such credit has been finally settled by us or the third party institution which holds the account.