Funds Transfer Instruction definition
Examples of Funds Transfer Instruction in a sentence
The User originating the Funds Transfer Instruction and the Approver must provide confidential Codes and a Password to log into the Site, and the Funds Transfer Instruction will be encrypted during transmission and must otherwise conform to any content specifications we may establish.
You must designate the User or Users authorized to originate the Funds Transfer Instruction, the maximum amount they may transfer, and the User or Users authorized to approve the Funds Transfer (“Approvers”) if any.
You acknowledge that we offer other methods of transferring funds and making payments with different security procedures, and you agree that these security procedures are commercially reasonable in view of the size, type, and frequency of Funds Transfers you make, and we may act upon any Funds Transfer Instruction that complies with these security procedures.
An authorized User may give a Funds Transfer Instruction by telephone, and we will telephone an authorized Approver for purposes of approving such requests.
Beneficiary Account is the account maintained with the Receiving Institution that is identified by the Sender as the account to be credited with the amount specified in the Interbank Funds Transfer Instruction (as defined below).
We may rely on and act in accordance with, any Funds Transfer Instruction we receive using the Codes and Passwords of Users and Approvers you have designated, which will constitute conclusive evidence that such Funds Transfer Instruction is correct and has been duly authorized by you.
You agree that the purpose of the security procedures in subsections (a) and (b) is only to verify that a Funds Transfer Instruction is authentic and authorized by you, and not to detect errors in Funds Transfer Instructions.
Each Funds Transfer Instruction shall be executed by an authorized signatory; a list of such authorized signatories is set forth on Exhibit A.
You will be bound by the resulting Funds Transfer, whether or not you actually authorized such Funds Transfer Instruction.
The Customer shall send the Funds Transfer Instruction for the Bank to debit funds from the Customer's Account designated in the Cash Management Service Agreement, and credit them to the Receiving Account according to the Customer's Instruction, by referring to the Funds Transfer Instruction in accordance with Service and Service Charge Details.