Transfer Authorization and Processing Clause Samples
The Transfer Authorization and Processing clause establishes the procedures and requirements for approving and executing the transfer of assets, rights, or obligations between parties. Typically, this clause outlines the necessary consents, documentation, and steps that must be completed before a transfer can occur, such as obtaining written approval from relevant parties or complying with regulatory requirements. Its core function is to ensure that all transfers are properly authorized and processed in an orderly and legally compliant manner, thereby reducing the risk of unauthorized or disputed transfers.
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Transfer Authorization and Processing. You represent and warrant that you are the sole owner of the Transaction Account and the Recipient Account and that you have all necessary legal right, power and authority to transfer funds from the Transaction Account to the Recipient Account. Further, you represent and warrant that the Recipient Account is located in the United States. When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you and to debit one of your Accounts. You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to non-sufficient funds.
Transfer Authorization and Processing. (a) The Service enables you to transfer funds: (i) between your Accounts that you maintain with us; and (ii) between your Account(s) that you maintain with us on the one hand, and your Account(s) that are maintained by other financial institutions, on the other hand. You represent and warrant that you are the sole owner (and not a joint tenant) of the Transaction Account and the Recipient Account and that you have all necessary legal right, power and authority to transfer funds from the Transaction Account to the Recipient Account. Further, you represent and warrant that the Recipient Account is located in the United States.
(b) When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you and to debit one of your Accounts as described below in Section 18 (Service Fees and Additional Charges). You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to nonsufficient funds.
(c) We will use reasonable efforts to make all your transfers properly. However, we shall incur no liability if we are unable to complete any transfers initiated by you because of the existence of any one or more of the following circumstances:
1. If, through no fault of ours, the Transaction Account does not contain sufficient funds to complete the transfer or the transfer would exceed the credit limit of your overdraft account;
2. The Service is not working properly and you know or have been advised by us about the malfunction before you execute the transaction;
3. The transfer is refused as described in section 14 below;
4. You as a Sender have not provided us with the correct information, including but not limited to the correct Transaction Account or Recipient Account information; and/or,
5. Circumstances beyond our control (such as, but not limited to, fire, flood, network or system down time, issues with the financial institution(s), or interference from an outside force) prevent the proper execution of the transfer and we have taken reasonable precautions to avoid those circumstances.
(d) It is your responsibility to ensure the accuracy of any information that you enter into the Service, and for informing us as soon as possible if you become aware that this information is inaccurate. You may not use a P.O. Box as a postal address. We will make a reasonable effo...
Transfer Authorization and Processing. The Service enables you to transfer funds between your Account(s) with us and your Account(s) at other financial institutions. You may schedule a one-time transfer or a series of recurring transfers. You must be an owner of the Transaction Account and the Recipient Account and have all necessary legal right, power and authority to transfer funds from the Transaction Account to the Recipient Account. When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you on the date selected by you. You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to nonsufficient funds.
Transfer Authorization and Processing. You represent and warrant that you are the sole owner (and not a joint tenant) of the Transaction Account and the Recipient Account and that you have all necessary legal right, power and authority to transfer funds from the Transaction Account to the Recipient Account. Further, you represent and warrant that the Recipient Account
Transfer Authorization and Processing. You represent and warrant that you are the sole owner (and not a joint tenant) of the Transaction Account and the Recipient Account and that you have all necessary legal right, power and authority to transfer funds from the Transaction Account to the Recipient Account. Further, you represent and warrant that the Recipient Account is located in the United States. When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you and to debit one of your Accounts. You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to nonsufficient funds.
Transfer Authorization and Processing. When we receive a P2P instruction from you, you authorize us to debit your Payment Account and remit funds on your behalf to the recipient’s account.
Transfer Authorization and Processing. When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you and to debit one of your Accounts as described below. You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to nonsufficient funds. We will use reasonable efforts to make all your transfers properly. However, we shall incur no liability if we are unable to complete any transfers initiated by you because of the existence of the conditions stated in Section I.E. above. It is your responsibility to ensure the accuracy of any information that you enter into Account to Account Transfer, and for informing us as soon as possible if you become aware that this information is inaccurate. You may not use a P.O. Box as a postal address for Account to Account Transfer purposes. We will make a reasonable effort to stop or recover a transfer made to the wrong Recipient Account once informed, but we do not guarantee such recovery and will bear no responsibility or liability for damages resulting from incorrect information entered by you.
Transfer Authorization and Processing. As a user of External Transfer Services, you represent and warrant that you are a named User of each External Account, you have all necessary legal right, power, and authority to transfer funds from each External Account, and that each External Account is located in the United States. - You will use External Transfer Services in accordance with the process set forth in Digital Banking. When you request an outbound External Transfer from your Eligible Account, you authorize us to debit your Eligible Account and remit funds on your behalf to the External Account designated by you. You also authorize us to reverse a credit to your External Account if the transaction is returned for any reason, including but not limited to insufficient funds, errors or for security reasons. - It is your responsibility to ensure the accuracy of all information that you provide through Digital Banking when you request an External Transfer, and that you inform us as soon as possible if you become aware that this information is inaccurate. We will make a reasonable effort to stop or recover a transfer made to the wrong account once we receive notice of the error and have a reasonable opportunity to act on it. However, we do not guarantee that we can stop or recover such a transfer, and we will have no responsibility or liability for any damages you may suffer as a result of incorrect information that you provided in connection with External Transfer Services.
Transfer Authorization and Processing. If you use the institution-to-institution transfer service, you represent and warrant that you are the owner of the transaction account and the recipient account and that you have all necessary legal right, power and authority to transfer funds from the transaction account to the recipient account. Further, you represent and warrant that the recipient account is in the United States. When we receive a transfer Instruction from you, you authorize us to debit your transaction account and remit funds on your behalf to the recipient account designated by you and to debit one of your accounts. You also authorize us to reverse a transfer from your recipient account if the debit is returned from the transaction account for any reason, including but not limited to nonsufficient funds.
Transfer Authorization and Processing. (a) You represent and warrant that you are the sole owner (and not a joint tenant) of the Transaction Account and the Recipient Account and that you have all necessary legal right, power and authority to transfer funds from the Transaction Account to the Recipient Account. Further, you represent and warrant that the Recipient Account is located in the United States.
(b) When we receive a Transfer Instruction from you, you authorize us to debit your Transaction Account and remit funds on your behalf to the Recipient Account designated by you and to debit one of your Accounts as described below in Section 18 (Service Fees and Additional Charges). You also authorize us to reverse a transfer from your Recipient Account if the debit is returned from the Transaction Account for any reason, including but not limited to nonsufficient funds.
(c) We will use reasonable efforts to make all your transfers properly. However, we shall incur no liability if we are unable to complete any transfers initiated by you because of the existence of any one or more of the following circumstances: