Common use of Acceptance of Payment Orders Clause in Contracts

Acceptance of Payment Orders. In general, we will accept payment orders only if you have signed a Wire Transfer Request Agreement, signed a Wire Transfer Request form, have a sufficient available balance on deposit in the appropriate account to execute the payment order, and produce valid identification. Once you have signed a Wire Transfer Request Agreement, have indicated the request will be recurring, we will accept recurring telephonic payment orders from you, provided our security procedure are followed. Security Procedures – Once you have signed a Wire Transfer Agreement, we will review the request and perform a call back to the member for verification. Wires requested in-person or by phone* will receive a call back at the phone number listed in the credit union records, for a requested amounts of $5,000 or more and if requested by fax, mail, or email $3,000 or more. For recurring wires, you will need to provide the credit union with a member-created codeword as part of the security procedures.