Common use of Wire and ACH Transfers Clause in Contracts

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.