Wire Transfer Authentication and Security Procedure. You agree that the following security procedures, if undertaken by the Bank, are a commercially reasonable method of providing security against unauthorized wire transfers and meet your security requirements.
Wire Transfer Authentication and Security Procedure. You agree that the following security procedures, if undertaken by the Bank, are a commercially reasonable method of providing security against unauthorized wire transfers and meet your security requirements.
a. Prior to accepting or executing a payment order, we will authenticate the identity of the requestor, confirm ownership of the external account, and verify authorization of the payment order through the use of previously established security procedures described below. If we are unable to complete the required authentications, confirmations, and security procedures, or are not satisfied with the information received, the payment order will not be accepted or executed, and we shall have no liability.
b. To verify authorization of the payment order, we may initiate a callback process in which the person giving the payment order will be required to confirm the information in the payment order and to provide the correct answer to one or more security questions and/or passwords.
c. You agree that we may record and retain all telephone conversations, data transmissions, or other communications between you and us relating to the security procedures by any reasonable means. We may retain such recorded communications and may use the recorded communications for the purpose of demonstrating that the communications occurred, and to prove that a security procedure was used in connection with the acceptance and execution of a payment order or that the Bank has otherwise complied with the terms of these Wire Transfer Terms.
d. Upon completion of the security procedure, we are authorized and directed to execute, pay, and act upon the payment order, without the need to do any further inquiry, and to debit the Account from which the funds are to be transferred. Except as otherwise provided by applicable law, you agree that payment orders received by us are effective as the payment order made by you, and you shall be obligated to pay us the amount of the payment order, whether or not authorized, if we accepted the payment order in good faith and in compliance with the above security procedures.
e. You agree to prevent disclosure of the security questions and/or passwords and other confidential aspects of the security procedures, except on a “need to know” basis. You will notify us immediately if the confidentiality of the security procedures is compromised and will take steps to prevent the security procedures from being further compromised.
