Account Access and Transfer Commingling Authorization Sample Clauses
The "Account Access and Transfer Commingling Authorization" clause grants permission for a party, typically a service provider or agent, to access designated accounts and to commingle funds for the purpose of facilitating transfers or transactions. In practice, this means the authorized party can manage, move, or pool funds from multiple sources or clients within a single account, as long as it is in accordance with the agreement's terms. This clause is essential for streamlining financial operations, reducing administrative burdens, and ensuring efficient handling of funds, while also clarifying the scope of authority and responsibility regarding account management.
Account Access and Transfer Commingling Authorization. From time-to-time, Online Banking Service users may be presented with the option to submit an Account Access and Transfer Commingling Authorization request to enable the ability to transfer funds and share information between specified deposit accounts. By submitting an Account Access and Transfer Commingling Authorization to the Bank through our Online Banking Service:
a. You understand and agree that any authorized signer or agent acting in an authorized capacity on any of the deposit accounts enabled for the service will be authorized to access account information (including balance and transaction details) and make transfers among the accounts using our applicable electronic banking services (i.e., Mobile and Online Banking services, Telephone Transfer services), even if our account agreement calls for more than one person to act in conducting transactions on the accounts.
b. You confirm that you have the right and authority, under the resolutions and documents of each of the specified accounts, to access account information and make transfers among the accounts.
c. You accept any financial liability resulting from the commingling and/or movement of funds to and from the specified accounts. This liability includes, but is not limited to, controlling and allocating the funds to the correct recipient account, business subsidiary or affiliate, and any related tax or other financial liability.
d. You agree to indemnify, defend and hold East West Bank harmless from any claims, damages, liabilities or costs (including attorney fees) arising from or related to the access, commingling and/or movement of funds to and from the specified accounts and other services authorized by the Account Access and Transfer Commingling Authorization. You acknowledge and agree that this authorization shall not affect the right of East West Bank to exercise its right of set off and banker’s lien or other rights with respect to any funds in any account.
e. To cancel an Account Access and Transfer Commingling Authorization you must contact East West Bank customer service. The Bank will have a reasonable time (no longer than 30 days) to act upon your cancellation request.
Account Access and Transfer Commingling Authorization. From time-to-time, Online Banking Service users may be presented with the option to submit an Account Access and Transfer Commingling Authorization request to enable the ability to transfer funds and share information between specified deposit accounts. By submitting an Account Access and Transfer Commingling Authorization to the Bank through our Online Banking Service:
a. You understand and agree that any authorized signer or agent acting in an authorized capacity on any of the deposit accounts enabled for the service will be authorized to access account information (including balance and transaction details) and make transfers among the accounts using our applicable electronic banking services (i.e., Mobile and Online Banking services, Telephone Transfer services), even if our account agreement calls for more than one person to act in conducting transactions on the accounts.
b. You confirm that you have the right and authority, under the resolutions and documents of each of the specified accounts, to access account information and make transfers among the accounts.
c. You accept any financial liability resulting from the commingling and/or movement of funds to and from the specified accounts. This liability includes, but is not limited to, controlling and
d. You agree to indemnify, defend and hold East West Bank harmless from any claims, damages, liabilities or costs (including attorney fees) arising from or related to the access, commingling and/or movement of funds to and from the specified accounts and other services authorized by the Account Access and Transfer Commingling Authorization. You acknowledge and agree that this authorization shall not affect the right of East West Bank to exercise its right of set off and banker’s lien or other rights with respect to any funds in any account.
e. To cancel an Account Access and Transfer Commingling Authorization you must contact East West Bank customer service. The Bank will have a reasonable time (no longer than 30 days) to act upon your cancellation request.