Common use of Posting of Transfers Clause in Contracts

Posting of Transfers. When you, or another authorized user, transmit a transfer instruction via Online Banking, you authorize us to follow the transfer instruction and you authorize us, on the scheduled transfer date, to debit (deduct) the transfer amount from the account listed in the transfer instruction as the account from which funds are to be transferred; you further authorize us to credit the account into which funds are being directed (deposited). Transfers initiated between accounts held at Bank cannot be cancelled once approved. Transfers initiated before 4 p.m. Eastern Time on a business day are posted to your account the same day (unless a later transfer date has been specified). Transfers completed after 4 p.m. Eastern Time on a business day or on a Saturday, Sunday or Federal Reserve holiday will post no later than the next business day. Online Banking identifies transfers based upon the login ID of the user who made the electronic transfer. Accordingly, you understand and acknowledge that the Online Activity screens within Online Banking will not reflect transfers made by multiple users from the same account if different login IDs are used. You agree to communicate with any other persons with authorized access to your accounts concerning any transfers or ▇▇▇▇ payments from your accounts in order to avoid overdrafts. You may also use Online Banking to transfer funds to/from a deposit account at another bank (“external transfer”). Before funds can be transferred to/from a deposit account at another bank, you must request that we add that account to your transfer service. Cut-off times for external transfers are also 4 p.m. Eastern Time on business days. We reserve the right to limit or deny transfer capability between your account with us and another bank. Electronic funds transfers include ATM withdrawals, preauthorized transactions, point of sale transactions, and transfers to and from your Bank accounts using Online Banking, including ▇▇▇▇ payments. If your account has insufficient funds to perform all electronic fund transfers you have requested for a given business day, then: