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Wire Transfer Customer Agreement
This Wire Transfer Customer Agreement (Agreement) will govern the transfer of funds from or to your accounts at the Bank via wire transfer:
The Bank is authorized to debit the account or accounts designated by You for payment of transfer requests. Your transfer requests may involve any one or more of the following:
- the transfer of funds from any designated account with the Bank to any of your accounts with the Bank or another financial institution, or
- the transfer of funds from any designated account with the Bank to a third party or account of a third party whether such third party accounts are maintained with the Bank or any other financial institution. There are no restrictions or limitations on the amounts that may be ordered or requested, or on the location or address of the beneficiary of such transfers except as otherwise prohibited by law or regulation. Any person named on your account is authorized to originate or confirm a wire transfer.
Transfer requests must be given to the Bank in accordance with the cut-off hours established by the Bank from time to time. The Bank is not responsible for the accuracy of a routing number verbally supplied by You and contained in your transfer request. Transfer requests received by the Bank after cut-off hours established by the Bank may be treated by the Bank as received on the following business day.
The Bank is not obligated to accept or execute any transfer request. Notice of rejection will be given to You by telephone. If, for any reason, the Bank is unable to reach You by telephone to notify You of the rejection, the Bank may at its option give notice of rejection in writing.
You cannot cancel or amend a payment order after it has been received by the Bank.
You shall pay the Bank the amount of each transfer request transmitted by the Bank pursuant to this Agreement when the Bank executes a payment order to carry out your transfer request. You agree that your transfer requests will not exceed the available balance in your account. However, if a payment order should be executed which creates an overdraft, with or without the Banks prior consent, You agree to pay the Bank the overdraft amount and any overdraft fee promptly upon demand. The Bank may offset the amount of the overdraft against the balance of any of your accounts with the Bank and may exercise any rights that the Bank may have under any agreements which grant the Bank security for the payment of liabilities or obligations of You to the Bank.
You understand and agree that the payment of a transfer request may be made by the Bank or any other financial institution used to carry out the transfer request on the basis of an identifying number or account number provided by You for the beneficiary, even if the number identifies a person different from the named beneficiary. You also understand and agree that the Bank or any other financial institution used to carry out the transfer request, might rely on the identifying number of the intermediary or beneficiarys financial institution provided by You as the proper identification of the intermediary or beneficiarys financial institution, even if the number identifies a financial institution different from the one named. The Bank and any other financial institution shall not be responsible for determining whether the beneficiarys name and account number refer to the same financial institution. You are still liable to the Bank for the amount of the transfer request even if payment of the transfer request is made to a person different from the named beneficiary based on the beneficiarys identifying number or account number provided by You or if payment of the transfer request is made to a financial institution different from the one identified by name based on the identifying number provided by You.
After each transfer request, the Bank may provide You with confirmation of the transfer request to the address contained in the Banks records. You agree to examine and immediately notify the Bank within fourteen (14) days after the mailing date of any such confirmation or of the mailing date of your periodic statement, whichever is sooner, of any discrepancy or error. If You notify the Bank of any discrepancy or error by telephone, the Bank may request that you confirm the error or discrepancy in writing within fourteen (14) days. If You fail to notify the Bank of any discrepancy or error within the time period stated above or you fail to confirm any error or discrepancy upon request, You agree the Bank is not liable to pay interest or reimburse You for any discrepancy or error with respect to a transfer request described in such confirmation.
The Bank and You agree that the following security procedures are a commercially reasonable method of providing security against unauthorized Payment Orders:
- Only individuals named on the account shall be able to issue wire transfer requests to the Bank; and
- The Bank may confirm the identity of an individual requesting a wire transfer through the use of previously established security questions. If the Bank attempts to verify authorization and for any reason is not satisfied that the transfer request was issued by a person named on the account, the Bank may refuse to execute the transfer request. In so refusing, the Bank shall not incur any liability whatsoever. You shall prevent any disclosure, except on a need to know basis, of any aspects of the security procedures agreed to with the Bank. You shall notify the Bank immediately if the confidentiality of these security procedures is compromised and shall act to prevent the security procedures from being further compromised.
The Bank and You agree that transfer requests received by the Bank are effective as the transfer request of You, whether or not authorized, if the Bank accepted the transfer request in compliance with the above security procedures.
The Bank shall have no liability for delays or mistakes, provided it acts in good faith and with reasonable care. It shall not be responsible for delays or mistakes caused by others through whom it transmits funds whether selected by You or the Bank. The Bank will not be required to make the transfer on the day on which the request is received, unless received within a reasonable time before any cut-off hour established by the Bank. The Bank generally will use the funds transfer system, but it may use any means and routes that the Bank, in its sole discretion, may consider suitable for the transmission of funds.
You agree that the Bank shall not be liable or responsible for any delay or failure to transfer any amount requested because of rules, regulations, or policies of the Federal Reserve Board which limit, in the aggregate, the amount the Bank can transfer from time to time during any banking day, provided, however, that the Bank promptly notifies You of any such failure or delay and that the Bank effectuates the transfer as soon as is reasonably possible thereafter.
IN NO EVENT SHALL THE BANK BE LIABLE FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, OR INDIRECT LOSS OR DAMAGE, INCLUDING ATTORNEY FEES, SUFFERED BY YOU IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION COVERED BY THIS AGREEMENT, REGARDLESS OF WHETHER THE BANK KNEW OR SHOULD HAVE KNOWN SUCH DAMAGES MIGHT BE INCURRED.
The Bank may terminate this Agreement at anytime by giving written or oral notice to You. Unless terminated by the Bank, this Agreement shall remain in effect until your account is closed. This Agreement may not be assigned by You.
This Agreement is governed by the provisions of Federal law including Regulation J, 12 CFR Part 21 0, Subpart B and the appendices thereto, to the extent that the transfer request was carried out. Terms which are not defined in this Agreement shall have the same meanings as defined in Uniform Commercial Code Article 4A as adopted in the State of Illinois. This Agreement is also subject to all applicable operating circulars of the Federal Reserve Bank in the District in which the Bank is located and any other applicable provision of federal or state law. To the extent that Regulation J does not apply, this Agreement is governed by the laws of the State of Illinois.
This Agreement may be amended by the Bank from time to time, by sending a copy of any amendment to You at least thirty (30) days prior to the effective date of the change. No representation or statement not expressly contained in this Agreement or in any amendment shall be binding upon You or the Bank.
If any term of this Agreement is held to be invalid, illegal or unenforceable, the other Agreement terms shall not be impaired or affected.