Common use of Types of Transfers Clause in Contracts

Types of Transfers. Subject to any applicable transfer limitations set by Bank, Cash Management permits you to utilize the Internal Transfer Services. In the future, Cash Management may expand the types of transfers you can make. When initiating a new scheduled transfer, the “transfer date” is the date you enter for the transfer of funds from one account to another. You should always check Cash Management for the current balance in a given account. However, generally, the following timing will apply to transfers. One-Time Transfers One-time transfers that transfer funds from an account to another account using the Internal Transfer Services will be generally processed simultaneously if the transfer request is made not later than 9:00 p.m. on a Business Day. For example, if you transfer funds from account 1 to account 2, the funds will be debited from account 1 and credited to the available balance in account 2 simultaneously if the transfer request is made on a Business Day not later than 9:00 p.m. The funds will be available immediately upon the transfer for withdrawal from account 2 through an ATM or debit card transaction or at a teller window and will also be available to honor checks or other items presented for payment against account 2 in the nightly processing following checks or other items presented for payment against account 2 in the nightly processing following the transfer. If we receive your transfer instructions after 9:00 p.m., the transferred funds will be credited to your account as of the next Business Day following the date you initiated the transfer. Scheduled Transfers Scheduled transfers of funds from an account to another account using the Internal Transfer Services will be processed as follows: (a) the transfer will be debited from your originating account when you execute the transfer on the transfer date (regardless of the day or time we receive your instructions); and (b) the transfer will be credited to the receiving account during our nightly processing of the receiving account. The transfer will be credited to the receiving account on the transfer date if (i) the transfer date you designate is a Business Day; and (ii) we receive your instruction to transfer the funds to your account not later than 9:00 p.m. on the transfer date. If you designate a non-Business Day as the transfer date, or if we receive your transfer instructions after 9:00 p.m. on the transfer date, the transferred funds will be credited to your account as of the next Business Day following the transfer date.