Wire and ACH Transfers Clause Samples

Wire and ACH Transfers. Wire transfer transactions are governed by Regulation J and UCC 4A. ACH transactions are governed by operating rules of the National Automated Clearing House Association (NACHA). In accordance with these rules, you will receive notice of receipt of wire transfers and ACH items in the periodic account statements that we provide. The Credit Union will not provide you with next -day notice of receipt of wire transfers and ACH items to your account. The Credit Union may give you credit for ACH payments before it receives final settlement of the funds transfer. Any such credit is provisional until the Credit Union receives the final settlement of the pay- ment. You are hereby notified and agree, if the Credit Union does not receive such final settlement, that it is entitled to a refund from you of the amount credited to you in connection with that ACH entry. If you give the Credit Union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying or account number, payment may be made by the beneficiary’s financial institution on the basis of the identifying- or account number, even if the number identifies a person different than the named beneficiary. If you give the Credit Union a payment order which identifies an inter- mediary or beneficiary’s financial institution by both name and an identifying number, a receiving financial institution may rely on the number as the proper identification even if it identifies a different person than the named financial institution.

Wire and ACH Transfers. You acknowledge that in compliance with internal Bank policies and/or provisions of applicable law or regulations of the U.S. Treasury Department, including OFAC’s regulations, we may be compelled to stop or reject a request for incoming or outgoing fund transfers, to freeze or withhold funds and/or to return them to appropriate authorities. We have no obligation to accept incoming funds transfers for your benefit. All credits to your Account(s) for a funds transfer are provisional until we receive final payment for the amount of the transfer. If we do not receive final payment, you agree to refund to us the amount of the transfer. We will not provide you with a separate notice each time we receive a wire transfer to your Account. If you request paper, fax or email advice, and we agree separately in writing to comply with such request, you agree to exercise care in maintaining your own security in the receipt of advice of wire transfers. You acknowledge that you alone assume full responsibility for maintenance of your internal security procedures to keep your information confidential. You agree that we will not be required to provide any other notice to you. If you send or receive a wire transfer, you agree that Fedwire® Funds Service may be used. Federal Reserve Board Regulation J is the regulation that covers transactions made over Fedwire® Funds Service. When you originate a funds transfer for which Fedwire® Funds Service is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. If we accept a payment through ACH, the operating rules of the National Automated Clearing House Association (“NACHA”) will apply, including the following rules: a. Provisional Payment. Any credit we give you with respect to an ACH credit entry is provisional until we receive final settlement for that entry through a Federal Reserve Bank. If we do not receive final settlement, you agree that we are entitled to a refund of the amount credited to you in connection with the entry, and the party making the payment to you via such entry (i.e., the originator of the entry) will not be deemed to have paid you in the amount of such entry.