Common use of Wires Clause in Contracts

Wires. This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the State of New York. If you originate a fund transfer for which Fedwire 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 financial 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. ACH (Automated Clearing House) Credits and Debits – For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (“NACHA”) Operating Rules and any local ACH operating rule then in effect. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your Account, and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an Account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

Wires. This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the State of New York. If you originate a fund transfer for which Fedwire 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 financial 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. named.‌‌ ACH (Automated Clearing House) Credits and Debits – For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (“NACHA”) Operating Rules and any local ACH operating rule then in effect. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your Account, and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an Account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.