Common use of Transfer Process Clause in Contracts

Transfer Process. The Sender provides the Recipient's email address or mobile phone number, and the Service uses this information to notify the Recipient. The Recipient must accept the Transfer within 10 days, or the Transfer will be cancelled and reversed. During this period, funds will be removed from the Sender's Account for the amount of the Transfer and the fee, if any, imposed by Bethpage or other Financial Institution. Once the Recipient has successfully accepted the Transfer, funds will be sent to the Recipient’s Financial Institution for deposit to the Recipient's account. Transfers will be immediately debited from the Sender's Account and will be delivered to the Recipient's Financial Institution or Bethpage, as applicable, once claimed by the Recipient. The receiving Financial Institution may have limits on the number and amount of Transfers allowed and on the timing for when the funds will be available to the Recipient. Neither Bethpage nor Acculynk is responsible for any failure of another Financial Institution to timely credit its customer's account.