Authorized Transfers And Accounts Clause Samples
The "Authorized Transfers and Accounts" clause defines the rules and procedures for transferring funds or assets between specified accounts that have been approved by the parties involved. Typically, this clause outlines which accounts are eligible for such transfers, who is authorized to initiate them, and any conditions or limitations that must be met before a transfer can occur. For example, it may require that only designated representatives can authorize payments or that transfers must be made to pre-approved bank accounts. The core function of this clause is to ensure security and control over financial transactions, reducing the risk of unauthorized transfers and providing clear guidelines for handling funds.
Authorized Transfers And Accounts. You promise to use the Card to make only the types of transfers and to get access only to the account or accounts you have requested in advance and we have approved. If through some error the Card lets you withdraw funds from an account that you should not be allowed to use, we may charge the amount involved to an account you can use. If you use the Card to access an account that is no longer available to complete a transaction, we may, in our discretion, charge or credit the transaction to another account. You appoint as your attorney-in-fact for any transactions or inquiries involving your accounts each and every person who receives or otherwise uses the Card with your consent or authorization. You agree that we may process any Card transactions properly authorized through the use of the PIN, or through your signature or the signature of the person using the card, as the case may be, or otherwise authorized by you or any person using the Card with your consent or authorization, notwithstanding any dual or multiple signature requirement identified on any signature card or other document relating to your accounts, and you agree and intend that any such authorization of Card transactions shall be considered the same as your written signature in authorizing us to perform any action relating to the transactions requested. All persons using the Card are bound by and subject to the terms and conditions of this Agreement. You agree that that the methods and procedures for the authorization and authentication of Card transactions described in and contemplated by this Agreement constitute commercially reasonable security procedures for electronic funds transactions under applicable law.
Authorized Transfers And Accounts. You and each authorized user promise to make only the types of transfers and to get access only to the account or accounts or use services that you have requested in advance and you have been approved to use. If through some error you or any authorized user withdraws funds from an account that you should not be allowed to use you agree that we may charge amount involved to any account you can use or have been approved for. You agree to pay ATM transaction fees as listed in our Electronic Funds Transfer Act Disclosure when you transact business using your MAX CheckCard or your MAX ATM CARD and PIN at ATM's not owned by MAX Credit Union through the net- works available to card holders.
Authorized Transfers And Accounts. You and each authorized user promise to make only the types of transfers and to get access only to the account or accounts or use services that you have requested in advance and you have been approved to use. If through some error you or any authorized user withdraws funds from an account that you should not be allowed to use you agree that we may charge the amount involved to any account you can use or have been approved for.