Common use of Canceling Transfers or Payments Clause in Contracts

Canceling Transfers or Payments. You may cancel a pending Transfer or Payment transaction. However, to do so, we must receive your instruction to cancel prior to the cutoff time on the Transfer Day the transaction is scheduled to be processed. If we don’t receive your instruction to cancel a transaction before that time, we may process the transaction. 3.4. Transfer(s) from Savings/Money Market Deposit Accounts. Federal regulations require us to limit, either by contract or in practice, the number of certain types of transfers from savings and money market deposit Accounts. You are limited to six (6) preauthorized electronic fund transfers per Account per statement cycle. Each fund transfer through these Services from your savings or money market deposit Account is counted as one of the six (6) transfers permitted each statement cycle.

Appears in 2 contracts

Sources: Online Banking Agreement, Online Banking Agreement