Examples of Repetitive Transfer in a sentence
Bank’s standard Security Procedures for electronic Payment Orders via OLBB are to require that each Repetitive Transfer Template and each non-repetitive Payment Order created or initiated on the OLBB system be confirmed using a different User ID and User Password than the User ID and User Password used to create or initiate the Repetitive Transfer Template or non-repetitive Payment Order.
Repetitive Transfer Templates and non-repetitive Payment Order must be created or initiated and then confirmed by an OLBB Authorized Representative designated by the Corporate Administrator employing a Security Device furnished by Bank (provided that Security Devices are not required for creation and confirmation of Cross-Border Transfers).
In the event Customer elects to utilize the Repetitive Transfer option, Customer may vary the date and amount of the Payment Order; however, accounts designated to be debited and credited may not vary.
Upon set-up of a Repetitive Transfer, which may include the incorporation of a repeat code, Bank will transfer funds from Customer’s Deposit Account(s) according to the instructions set forth by and/or for Customer within the Business Online Banking Service or otherwise in accordance with Bank’s requirements and the Set-Up Form(s).
A Repetitive Transfer is a template-based transfer order that Customer intends to be made on a recurring, periodic basis to the same beneficiary and the same account at the same beneficiary bank, and for which only the date and dollar amount and any additional optional information vary.
Customer agrees that only those persons authorized on the Signature Card and/or Request for Repetitive Transfer (“Authorization”) attached to this Agreement may initiate and/or verify Requests with Bank.
Trench excavation and backfill is included in the Grading section of these specifications.
Customer agrees to release and hold Bank harmless from any loss or liability (including reasonable attorney’s fees) which Customer or Bank may incur after Bank has executed a Repetitive Transfer, including without limitation, any loss due to Customer error in creating the Repetitive Transfer template or instruction.
Customer may initiate Payment Orders on a random, as needed basis ("Standard Transfer") and/or may establish a predetermined, preauthorized schedule of Payment Orders ("Repetitive Transfer").
If you desire to have another financial institution initiate a Repetitive Transfer or Non‐Repetitive Transfer whereby another financial institution acts as an Authorized Representative to initiate a wire transfer request to move funds from the FSB demand deposit/checking account to an account at the other financial institution (“Drawdown Transfer”), you must execute the Bank approved form for such request.