Reviewing Your Account Statements. Your review of your statements, Checks and other items is one of the best ways to help prevent the wrongful use of your Account. You agree: (a) to review your statements, Checks and other items and reconcile them with reasonable promptness after they are made available to you; (b) to report any problems, errors or unauthorized transactions as soon as possible; and (c) within a reasonable time, not exceeding 30 days, after we send you a statement and any accompanying items (or otherwise make them available), to review your statement or items and report any problem, error or unauthorized transaction. For substitute Checks, you must notify us within 40 days to qualify for an expedited re-credit. If You Fail To Report Promptly: If you fail to notify us in writing of suspected problems, errors or unauthorized transactions with reasonable promptness after we make your statement or items available to you, (a) you may not make a claim against us relating to the unreported problems, errors or unauthorized transactions, regardless of the care or lack of care we may have exercised in handling your Account; and (b) you may not bring any legal proceeding or action against us to recover any amount alleged to have been improperly paid out of your Account. Certain Failures by Us: Even if you fail to report with reasonable promptness, if we fail to exercise ordinary care in paying an item and our failure substantially contributed to a loss, the loss will be allocated between you and us. If we did not pay the item in good faith, however, we will bear the entire loss. In the case of an unauthorized signature on, or any alteration of, an item, if you do not discover and report the item to us within 1 year after the statement or item is made available to you, then you may not assert any claim for the unauthorized signature or alteration. This limitation applies regardless of the care or lack of care exercised by you or by us. Status Quo – Collateral Preservation: We have the right to preserve our interests in your Account and any funds in your Account in which we have a lien given to us by law or in which you have granted us a security interest and pledge. This is our “collateral.” Accordingly, we may use appropriate administrative procedures, including (but not limited to) placing a temporary hold or “freeze” on your funds, to protect our interests if we believe that our collateral may be impaired or at risk due to any default, bankruptcy, breach of any agreement or promise, or as otherwise provided for by our agreements or Applicable Law. We are entitled to use these administrative procedures without notice to any Owner. In the case of any bankruptcy proceeding, we have the right to preserve the collateral and we are not required to surrender or turn over the collateral absent the Owner’s filing an appropriate motion and the entry of an order either providing for adequate protection of our rights in the collateral or modifying or terminating the automatic stay as to the collateral. ACH and Wire Transfers: You may initiate or receive (credit or debit) a payment order on your Account through ACH funds transfer or wire transfer. Generally, ACH and wire transfers will be governed by federal law and the laws of the State of Oklahoma, including Article 4A of the Uniform Commercial Code – Funds Transfers. Other fund transfers use systems such as Fedwire (under the Federal Reserve Board’s Regulation J) and NACHA and these fund transfers are governed by the rules of the particular transfer system. The following provisions apply to fund transfers (but may not apply if we provide you a separate more specific agreement for r the fund transfer): Rejection or Refusal of a Payment Order: We reserve the right to reject or refuse to accept any payment order without any liability. If you receive funds by a wire or ACH transfer, we are not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. We may establish cut-off times for the receipt and processing of funds transfer requests, amendments or cancellations. Payment orders, amendments or cancellations received after the cut-off time may be treated as having been received on the next funds transfer business day. Currently, the deadline for sending a wire is 3:00 P.M., Central Time (12:00 P.M., Central Time, for international wires), and for receiving a wire is 4:00 P.M., Central Time, Monday through Friday excluding holidays. Improperly Identified Beneficiary or Intermediary: If you give us a payment order that identifies the beneficiary (recipient of funds) by name and account number, the beneficiary’s financial institution may make payment on the basis of the account number even if it identifies a person who is not the named beneficiary. If you give us a payment order that identifies an intermediary’s or a beneficiary’s financial institution by both name and routing number, a receiving financial institution may rely on the number as the proper identification even if it identifies an institution that is not the named financial institution.
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Reviewing Your Account Statements. Your review of your statements, Checks and other items is one of the best ways to help prevent the wrongful use of your Account. You agree: (a) to review your statements, Checks and other items and reconcile them with reasonable promptness after they are made available to you; (b) to report any problems, errors or unauthorized transactions as soon as possible; and (c) within a reasonable time, not exceeding 30 days, after we send you a statement and any accompanying items (or otherwise make them available), to review your statement or items and report any problem, error or unauthorized transaction. For substitute Checks, you must notify us within 40 days to qualify for an expedited re-credit. If You Fail To Report Promptly: If you fail to notify us in writing of suspected problems, errors or unauthorized transactions with reasonable promptness after we make your statement or items available to you, (a) you may not make a claim against us relating to the unreported problems, errors or unauthorized transactions, regardless of the care or lack of care we may have exercised in handling your Account; and (b) you may not bring any legal proceeding or action against us to recover any amount alleged to have been improperly paid out of your Account. Certain Failures by Us: Even if you fail to report with reasonable promptness, if we fail to exercise ordinary care in paying an item and our failure substantially contributed to a loss, the loss will be allocated between you and us. If we did not pay the item in good faith, however, we will bear the entire loss. In the case of an unauthorized signature on, or any alteration of, an item, if you do not discover and report the item to us within 1 year after the statement or item is made available to you, then you may not assert any claim for the unauthorized signature or alteration. This limitation applies regardless of the care or lack of care exercised by you or by us. Status Quo – Collateral Preservation: We have the right to preserve our interests in your Account and any funds in your Account in which we have a lien given to us by law or in which you have granted us a security interest and pledge. This is our “collateral.” Accordingly, we may use appropriate administrative procedures, including (but not limited to) placing a temporary hold or “freeze” on your funds, to protect our interests if we believe that our collateral may be impaired or at risk due to any default, bankruptcy, breach of any agreement or promise, or as otherwise provided for by our agreements or Applicable Law. We are entitled to use these administrative procedures without notice to any Owner. In the case of any bankruptcy proceeding, we have the right to preserve the collateral and we are not required to surrender or turn over the collateral absent the Owner’s filing an appropriate motion and the entry of an order either providing for adequate protection of our rights in the collateral or modifying or terminating the automatic stay as to the collateral. ACH and Wire Transfers: You may initiate or receive (credit or debit) a payment order on your Account through ACH funds transfer or wire transfer. Generally, ACH and wire transfers will be governed by federal law and the laws of the State of Oklahoma, including Article 4A of the Uniform Commercial Code – Funds Transfers. Other fund transfers use systems such as Fedwire (under the Federal Reserve Board’s Regulation J) and NACHA and these fund transfers are governed by the rules of the particular transfer system. The following provisions apply to fund transfers (but may not apply if we provide you a separate more specific agreement for r the fund transfer): Rejection or Refusal of a Payment Order: We reserve the right to reject or refuse to accept any payment order without any liability. If you receive funds by a wire or ACH transfer, we are not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. We may establish cut-off times for the receipt and processing of funds transfer requests, amendments or cancellations. Payment orders, amendments or cancellations received after the cut-off time may be treated as having been received on the next funds transfer business day. Currently, the deadline for sending a wire is 3:00 P.M., Central Time (12:00 P.M., Central Time, for international wires), and for receiving a wire is 4:00 P.M., Central Time, Monday through Friday excluding holidays. Improperly Identified Beneficiary or Intermediary: If you give us a payment order that identifies the beneficiary (recipient of funds) by name and account number, the beneficiary’s financial institution may make payment on the basis of the account number even if it identifies a person who is not the named beneficiary. If you give us a payment order that identifies an intermediary’s or a beneficiary’s financial institution by both name and routing number, a receiving financial institution may rely on the number as the proper identification even if it identifies an institution that is not the named financial institution.
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