Wire Transfers of Funds and ACH Transactions Sample Clauses

Wire Transfers of Funds and ACH Transactions. 1. Governing Laws and Rules. From time to time, your account may be debited or credited for a wire transfer of funds that you send or receive, or through an ACH debit or credit entry. An example of an ACH credit is a direct deposit of your payroll or a government benefit that is deposited directly to your account. An example of an ACH debit is a transaction in which you have given your insurance company or health club the right to automatically withdraw your monthly payment from your account. Sometimes, a merchant from whom you purchase goods or to whom you send a check may convert your check to an ACH debit. These are only some examples of ACH transactions and are not exclusive. If you have signed a separate agreement with us that allows you to originate ACH or wire transfer transactions, the transactions will be subject to the terms of that agreement. If you have not signed such an agreement and you request a wire transfer of funds at a branch or over the telephone and we agree to undertake the funds transfer, the transfer is subject to the terms and conditions of our Funds Transfer and Payment Order (Wire) Authorization. Wire transfer transactions are also subject to the laws, regulations or rules governing the use of any system through which the funds may be transmitted including, but not limited to, Article 4A of the Uniform Commercial Code and Federal Reserve Board Regulation J with regard to Fedwire, and for international wire transfers, the rules of the Clearing House Interbank Payment Systems (“CHIPS”) and the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”). If your account is held primarily for personal, family or household purposes and a portion of the funds transfer is governed by the Electronic Fund Transfers Act, that portion will be subject to the terms of the Bank’s Electronic Fund Transfer Act Disclosures, which are included in this Agreement. Transactions through the Automated Clearing House (ACH transactions) are governed by the National Automated Clearing House Association (“NACHA”) Operating Rules and any local ACH operating rules.

Wire Transfers of Funds and ACH Transactions. The Agreement is subject to Article 4A of the Uniform Commercial Code as in effect in the state of Missouri. If you originate a funds transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, UMB and every receiving or beneficiary financial institution may rely on the identifying number to make payment. UMB may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules provide, among other things that payments made to you, or originated by you, are provisional, until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If UMB does not receive such payment, it is entitled to a refund from you in the amount credited to your Checking Account and the party originating such payment will not be considered to have paid the amount so credited. If UMB receives a credit to your Checking Account by wire or ACH, it is not required to give you any notice of the payment order or credit. If you are entitled to compensation for UMB's delay or improper completion of an ACH or wire transfer of funds transaction, UMB's liability will be limited to the payment of interest for a period not exceeding the lesser of sixty (60) calendar days or the period between the date of the error and the date of the correction. The rate of interest on such compensation will be the Federal Funds rate in effect at the Federal Reserve Bank of Kansas City for that period.