Common use of Wire Transfer Services Clause in Contracts

Wire Transfer Services. The following provisions apply to funds transfers Customer receives through the Bank (“Wire Transfers”). The Uniform Commercial Code (“UCC”) includes provisions relating to Wire Transfers. The terms are used here as they are defined in the UCC as adopted by the state whose law applies to the account for which the funds transfer service is provided. In general, a funds transfer is the process of carrying out payment orders that lead to paying a beneficiary. The payment order is the set of instructions given to the Bank to transfer funds. The beneficiary is the person or business who received the payment. Subject to the terms and conditions of this Agreement Customer hereby authorizes the Bank and the Bank hereby agrees to honor, execute and charge to the Account all telephonic or online requests for the wire transfer of funds.