Common use of Transfer Using Instruments Clause in Contracts

Transfer Using Instruments. 5.1 In the case of a transfer request to a recipient’s deposit account maintained with a financial institution other than the Bank, the Bank will not accept the Transfer Fund, etc., in the form of Instruments. 5.2 In the case that the Bank receives a request to transfer funds to a recipient’s Deposit Account held in any of the Bank’s domestic branches, if the Bank approves the acceptance of cheques and other instruments for the purpose of creating the said Transfer Fund, etc., the Bank shall submit a transfer fund receipt showing such approval and issue a notice of transfer showing acceptance of the Instruments, before confirmation of settlement. Further, there are instances where the issuance of the notice of transfer is made after the confirmation of the settlement of the Instruments. 5.3 The Bank shall immediately notify the Customer if the Instruments accepted pursuant to Article