Wire Transfer Agreements

16.2 BANKS MAY TAKE ADDITIONAL MEASURES AND IMPLEMENT PROCEDURES THEY DEEM APPROPRIATE TO VERIFY THE AUTHENTICITY OF A TRANSFER. THE BANK MAY DELAY THE EXECUTION OF A TRANSFER UNTIL A REMINDER IS COMPLETED OR THERE IS ANOTHER FORM OF VERIFICATION SATISFACTORY TO THE BANK. IF THE BANK IS UNABLE TO OBTAIN SATISFACTORY VERIFICATION, IT MAY, AT ITS SOLE DISCRETION, REFUSE TO EXECUTE A TRANSFER. Under no circumstances can the Bank be held responsible for delays in the execution of a transfer or the in execution of a transfer due to the lack of satisfactory verification. 9.6 The Customer hereby acknowledges that the security procedures are not intended to detect errors in the content or to verify the content of any transfer by the Customer. Accordingly, any errors contained in the Customer`s transfers are the responsibility of the Customer, and the Customer is obliged to pay or (where applicable) refund the amount of such transfer. No security procedure has been agreed between the bank and the customer to detect such customer error. IF THE CUSTOMER INSISTS ON REFRAINING FROM USING DOUBLE CHECKING AND/OR OTHER ADDITIONAL RECOMMENDED SECURITY PROCEDURES, THE CUSTOMER AGREES THAT SUCH WAIVER OR REJECTION IS AT THE CUSTOMER`S OWN RISK AND THE CUSTOMER WILL BE LIABLE FOR ANY LOSS RESULTING IN WHOLE OR IN PART FROM SUCH WAIVER OR REFUSAL. CUSTOMER FURTHER AGREES: (i) THAT THE BANK HAS OFFERED A COMMERCIALLY REASONABLE MEANS OF SECURITY AS DESCRIBED IN THE ADDITIONAL SECURITY PROCEDURES THAT CUSTOMER HAS WAIVED OR REFUSED TO USE; AND (ii) THAT TRANSFER ORDERS SUBMITTED BY THE CLIENT BY WAIVING OR REJECTING THE SECURITY PROCESS WILL BE TREATED AS AUTHORIZED. Has. Domestic transfers initiated and approved no later than 4:00 p.m. ET.m a business day will be processed on the same day if that day is also a business day for the Bank`s correspondence facility and the receiving bank; Initiated and approved transfers after 16:00 .m. AND will be processed the next business day if that day is also a business day for the correspondence facility of the bank and the receiving bank.

15. Use of Correspondence Accounts. A transfer may be made through one or more correspondent banks of the beneficiary`s bank and the bank in the manner deemed most appropriate and efficient by the bank or any other bank participating in the transfer. At first glance, a written agreement is simply a customer relationship management document that describes how a bank responds to and executes customers` electronic funds transfer requests. Beneath the surface, however, a written agreement is an essential part of a bank`s risk management program with significant implications for insurance operations and coverage. In this article, we provide a basic construction of a written agreement, discuss its importance in today`s banking and insurance environment, and conclude with some best practices they should follow. 6.2 When setting up a repetitive transfer, the Bank will transfer funds from the Client`s deposit accounts in accordance with the schedule and parameters defined by and/or for the Client in the Online Banking Service or related documents. 2.1 The Client may request the Bank to transfer funds from all of the Client`s Deposit Accounts held with the Bank and as set out in Appendix B of this Annex. .

Comments are closed.