Common use of Initiating Transfers Clause in Contracts

Initiating Transfers. Except as otherwise provided in this Agreement, Company may use this Service to transfer funds from a Wire Transfer Account to any other account with F&M BANK or an affiliate of F&M BANK, or to an account at another bank or financial institution. Funds transfer requests will be accepted on a Business Day prior to 1:00 p.m. CST Company agrees that, except as otherwise provided for herein, all funds transfers originated by or on behalf of Company shall comply with this Agreement, and Applicable Law, including Article 4A of the UCC. (i) Domestic Wire Transfers and Drawdown Requests: Domestic wire transfers and Drawdown Wire Transfer Requests initiated by Company and received by F&M BANK by its designated cutoff time on a day that both F&M BANK and the Federal Reserve are open for business will be processed the same day; however, if the Federal Reserve is closed on a day F&M BANK is open for business, the wire transfer will be processed by the Federal Reserve on the next Business Day the Federal Reserve is open for business. Domestic wire transfers and Drawdown Wire Transfer Requests received by F&M BANK after its designated cutoff time on a day F&M BANK is open for business or at any time on a day on which F&M BANK is not open for business will be processed on the next day F&M BANK and the Federal Reserve are open for business A) Drawdown Wire Transfer Requests: F&M BANK assumes no responsibility for the failure by any financial institution receiving a Drawdown Wire Transfer Request to approve the Request, and has no duty to notify Company if the Request is not approved. B) Incoming Drawdown Wire Transfer Requests: F&M BANK assumes no responsibility for wire transfer requests initiated by Company-authorized third parties. Company must authorize such requests in accordance with the procedures and policies set out by F&M BANK from time to time. (ii) International Wire Transfers: International wire transfers initiated by Company and received by F&M BANK by its cutoff time on a day that F&M BANK is open for business will be processed the same day. International wire transfers received by F&M BANK after its designated cutoff time on a day that F&M BANK is open for business or at any time on a day on which F&M BANK is not open for business will be processed on the next day F&M BANK is open for business. A) Unless Company instructs otherwise, Correspondent Charges may be deducted from any payment made to the beneficiary. Beneficiary Bank fees may also apply, and may be deducted from the payment made to the beneficiary.