Use of Account Numbers Sample Clauses
The 'Use of Account Numbers' clause defines how account numbers assigned to parties or transactions may be used within the context of an agreement. Typically, this clause specifies that account numbers are to be used solely for the purposes of identification, processing, or communication related to the contract, and may restrict their use to authorized personnel or systems. By setting clear boundaries on the use and disclosure of account numbers, this clause helps protect sensitive information and reduces the risk of unauthorized access or misuse.
Use of Account Numbers. You agree that the Bank and any other financial institution or system through which a payment is made by ACH or wire transfer of funds may make the payment solely by reference to the account number of the recipient or beneficiary that you provide to us. Neither the Bank nor any other person or system handling the transaction is required to determine if there is a discrepancy between the name and the account number shown on the funds transfer instructions.
Use of Account Numbers. You agree that payment orders may be executed or posted solely by reference to the account number provided to us. We are not obligated to determine whether a discrepancy exists between the name and the account number shown on the transfer information, and we may rely on the account number provided as positive identification.
Use of Account Numbers. You agree that we and any other financial institution or system through which a payment is made
Use of Account Numbers. The Customer is notified, and hereby acknowledges, that in executing or otherwise acting on a Payment Order the Bank shall rely solely and exclusively upon identifying account or identification numbers of a beneficiary, beneficiary’s bank or intermediary bank and shall not rely on the name of the beneficiary. Likewise, acceptance of a Payment Order may be made by a beneficiary’s bank on the basis of an identifying or Bank account number even if it identifies a person different from the named beneficiary. Customer is liable for and must settle with Bank for any funds transfer initiated by Customer that identifies the beneficiary by account or identifying number or by name and account or identifying number. The Bank shall have no duty to detect any inconsistency between the name and number contained in a Payment Order and the Customer shall be responsible for any inconsistencies. The Customer shall indemnify and hold the Bank harmless from and against any loss, liability, expense or damage that the Bank may incur as a result of such inconsistency, including, without limitation, attorneys’ fees and expenses of litigation.
Use of Account Numbers. The Company is notified, and hereby acknowledges, that in executing or otherwise acting on a Payment Order the Financial Institution shall rely solely and exclusively upon identifying account or identification numbers of a beneficiary, beneficiary’s financial institution or intermediary financial institution and shall not rely on the name of the beneficiary. Likewise, acceptance of a Payment Order may be made by a beneficiary’s financial institution on the basis of an identifying or financial institution account number even if it identifies a person different from the named beneficiary. Company is liable for and must settle with Financial Institution for any funds transfer initiated by Company that identifies the beneficiary by account or identifying number or by name and account or identifying number. The Financial Institution shall have no duty to detect any inconsistency between the name and number contained in a Payment Order and the Company shall be responsible for any inconsistencies. The Company shall indemnify and hold the Financial Institution harmless from and against any loss, liability, expense or damage that the Financial Institution may incur as a result of such inconsistency, including, without limitation, attorneys’ fees and expenses of litigation.
Use of Account Numbers. If you give us a payment order that identifies a beneficiary by name and account number or some other identifying number (such as a Social Security, Taxpayer I.D. or driver’s license number), we may pay the beneficiary on the basis of any number provided to us by you and consider that number to be proper identification. This will be true even if the number you provided to us identifies a person different from the named beneficiary, unless otherwise provided by law or regulation. If your funds transfer order identifies the beneficiary’s financial institution by name and “routing and transit” or other identifying number, we, as well as the receiving financial institution, may rely on the number provided to us by you as the proper identification. This will be true even if the number provided identifies a financial institution that is different from the named financial institution, unless otherwise provided by law or regulation. Cancellation or Amendment of Transactions. You may cancel or amend a funds transfer transaction only if the cancellation or amendment is received by us in a time and manner that provides us with a reasonable opportunity to act. Compensation. Our sole obligation to you with respect to any funds transfer transaction is to exercise ordinary care in processing it. We are not responsible for losses or delays which occur as a result of any other party’s involvement in the transaction. If you are entitled to compensation for delay or improper completion of a funds transfer, our liability will be limited to the payment of interest at the rate paid on the account for a period of time not exceeding the lesser of sixty (60) days or the period between the date of the error and the date of the correction. Security Procedures. We may review the funds transfer and perform a call back to you for verification. We may, but are not obligated to, record electronically any telephone calls or other communications between us and you or persons acting on your behalf, and may keep these recordings for as long as we want. You agree to obtain the consent of your authorized agents to such recording. You agree that these recordings, and any other messages (including telecopier or facsimile messages) received by us, will be treated as writings authorized and signed by you. You hereby acknowledge that the security procedures described are commercially reasonable and that you have selected the security procedure offered us after due consideration of all such alternat...