Common use of RISKS AND DUTIES Clause in Contracts

RISKS AND DUTIES. Except for loss caused exclusively by the Financial Institution’s gross negligence or intentional or wilful misconduct, and subject to the limitations of liability in this Agreement, the Depositor assumes all risk of loss due to the use of the Account, including, without limitation, the risk of Third Party fraud. The Depositor further agrees that they will notify the Financial Institution immediately: a) of any suspected or actual misuse or unauthorized use of the PAC, PIN, and/or PIW, or b) if the PAC, PIN, and/or PIW becomes known to anyone other than the Depositor, and c) if the Depositor receives Notification of any Transaction affecting the Account that alerts the Depositor of Account activity that was not authorized by them. The Depositor will change the PAC, PIN, and/or PIW if either of the notification requirements above in a) or b) arises.

RISKS AND DUTIES. Except for loss caused exclusively by the Financial Institution’s gross negligence or intentional or wilful misconduct, and subject to the limitations of liability in this Agreement, the Depositor assumes all risk of loss due to the use of the Account, including, without limitation, the risk of Third Party fraud. The Depositor further agrees that they will notify the Financial Institution immediately: a) of any suspected or actual misuse or unauthorized use of the PAC, PIN, and/or PIW, or b) if the PAC, PIN, and/or PIW becomes known to anyone other than the Depositor, and c) if the Depositor receives Notification of any Transaction affecting the Account that alerts the Depositor of Account activity that was not authorized by them. The Depositor will change the PAC, PIN, and/or PIW if either of the notification requirements above in a) or b) arises.