Common use of Recurring Transfers Clause in Contracts

Recurring Transfers. You may schedule transfers that do not vary in amount to automatically occur on a regular basis of your choice. A regular basis may be monthly, quarterly, semi-annually, annually, weekly, bi-weekly, or bi-monthly. A recurring transfer that is to process on a specific date that falls on a weekend or holiday will process on the Business Day prior to the weekend or holiday. If a recurring transfer falls on the 29th, 30th or 31st of a month and that date does not exist in a particular month, then the recurring transfer will be processed on the last day in that month. Except as provided above, a recurring transfer may be changed or cancelled up to 5:00 P.M. Eastern Standard Time on the date the recurring transfer is to take place.