FUNDS TRANSFER AGREEMENT AND AUTHORIZATION
Domestic and International Wire Remittance Funds Transfer Requests greater than $25,000
need to be initiated at a branch.
In this Agreement, the words “you” and “your” refer to the individual or individuals signing below as well as any other individual or individuals acting on behalf of or with the authorization of those persons signing below in connection with a funds transfer. The words, “we, “us” and “credit union” refer to Texans Credit Union. This Agreement provides for certain notices which the credit union is providing under the terms of Subpart (B) of Federal Reserve Board Regulation J which covers the movement of funds by means of wire transfers. This agreement also establishes the terms and conditions which will apply to all funds transfers (domestic and international) that involve you and the credit union. To the extent that the terms contained in this Agreement are different than those in any other Agreement or Terms of Account, this agreement shall control and be deemed to modify such other Agreements or Terms of Account. Using the credit union to send or receive funds transfers shall constitute your acceptance of these terms of agreement.
This Agreement and Notice applies to Funds Transfers as defined in Article 4A of the Uniform Commercial Code and Subpart (B) of Regulation J of the Board of Governors of the Federal Reserve System.
If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions. This means that your rights and liabilities in a wire transfer involving Fedwire will be governed by Regulation J.
We are required by regulation to know to whom the money is being sent. We need an account number for the beneficiary and a complete physical address. No PO Boxes may be used.
The credit union may establish or change cut-off times for the receipt and processing of wire transfer requests, amendments, or cancellations. Unless other times are posted for the various types of wire transfers, the cut-off time for processing outgoing wire transfer requests will be 3:00 pm CT for domestic wires on business days, Monday thru Friday, excluding observed holidays. Wire transfer requests, cancellations, or amendments received after the applicable cut-off time, or which are received timely but require additional processing, may be treated as having been received on the next business day and processed accordingly.
The credit union may charge your account for the amount of any funds transfer and associated fees initiated by you or by any person authorized by you as a joint tenant or other authorized party with the right of access to the account from which the funds transfer is to be made. Outgoing wires may incur additional processing fees by intermediary and/or third party financial institutions. These fees may be subtracted from the wire amount and we assume no liability for any of these fees.
The credit union may establish, from time to time, security procedures to verify the authenticity of a payment order. You will be notified of the security procedures, if any, to be used to verify payment orders issued by you or for which your account will be liable. You agree that the authenticity of a payment order may be verified using that security procedure unless you notify the credit union in writing that you do not agree to that security procedure. In that event, the credit union shall have no obligation to accept any payment order from you or other authorized parties on the account until you and the credit union agree, in writing, on an alternate security procedure.
If you give the credit union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying or bank account number, payment may be made by the beneficiary’s bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible to the credit union if the funds transfer is completed on the basis of the identification number you provided the credit union.
If you give the credit union a payment order which identifies an intermediary or beneficiary’s bank by both name and an identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different bank than the named bank. This means that you will be responsible for any loss or expenses incurred by a receiving bank which executes or attempts to execute the payment order in reliance on the identifying number you provided.
The order will be final and will not be subject to stop payment or recall, except that the credit union may, at the originator’s request, make an effort to effect such stop payment or recall, in such case, the credit union will incur no liability for its failure or inability to do so.
If the Beneficiary Bank does not pay the Beneficiary specified on the Order, a refund will be made only after the credit union has received confirmation of the effective cancellation of the Order and the credit union is in free possession of the funds debited or earmarked in connection with the Order. If the order is payable in Foreign Currency, the credit union will not be liable for a sum in excess of the value of the Order after it has been converted from Foreign Currency to U.S. Dollars at the credit union’s buying rate for exchange at such time as the cancellation of the Order is confirmed by the credit union.
If the credit union is notified that it did not transfer the full amount stated in the Request, the credit union’s sole liability will be to promptly execute a second payment Order in the amount of the deficiency. If the credit union executes an instruction in excess of the amount stated in the Request, to the extent that the originator does not receive the benefit of the Order, the credit union will only be liable for any loss of the principal amount transferred in excess of the amount stated in the Request instructions. Additionally, if the credit union becomes obligated under Article 4A to pay interest to you, you agree that the rate of interest to be paid shall be equal to the dividend rate, on a daily basis, applicable to the account at the credit union to which the funds transfer should have been made or from which the funds transfer was made. This section sets forth the credit union’s complete liability for the order issued under this agreement.
To the extent not otherwise prohibited by law, in connection with any funds transfer involving the transfer of funds to or from any country outside of the U.S., you agree to release and hold the credit union harmless from any loss or liability which you may incur after the credit union has executed your payment order. In no event shall the credit union be liable for consequential damages.
If the credit union receives a wire transfer for you or for other persons authorized to have access to your account, you agree that the credit union is not obligated to provide you with next day notice of the receipt of the wire transfer. The credit union will provide you with notification of the receipt of all wire transfers by including such items in the periodic account statements which we provide. You may, of course, inquire between receipt of periodic statements whether or not a specific wire transfer has been received. The cut-off time for receipt and processing of incoming wire transfers will be at 4:00 pm CT on each weekday the credit union is open. Funds received after the cut-off time may be treated as having been received on the next business day and processed accordingly.
International wires sent in US Dollars may generally take between one to four weeks before the final credit is made to the beneficiary’s account. International wires sent in foreign currency are generally received by the beneficiary’s bank within two business days, but final credit to the beneficiary’s account may vary depending on the bank’s settlement guidelines. Texans Credit Union does not guarantee arrival or settlement time for international wires.
The credit union is excused for delays or failure to execute the Order to the extent that the delay or failure results from a cause beyond the reasonable control of the credit union.
International Wires: Wires going to foreign countries require different numbers depending on the receiving foreign country. All wire transfer payments destined for Europe should include the SWIFT Bank Identifier code (SWIFT BIC), International Routing Code (IRC) as applicable, and for participating countries the beneficiary’s International Bank Account Number (IBAN). Mexican banks require a CLABE number in addition to the SWIFT BIC.
SWIFT Bank Identifier Code (SWIFT BIC). The 8 or 11 character SWIFT BIC is a unique series of alpha numeric characters that help to identify a specific financial institution. The SWIFT BIC should be obtained from the beneficiary. To ensure timely delivery please be sure that international outgoing wires include the SWIFT BIC where applicable.
International Routing Code (IRC): Some countries throughout the international banking community have created international routing codes, which are used in combination with the SWIFT BIC to aid in routing the payment through a main office to a branch. Each country has a specific name for their routing code (i.e., Sort Code in the United Kingdom, Canadian Payments Association Routing Numbers in Canada). Your beneficiary must provide the international routing code to facilitate receipt of an international payment. Sending a wire without the IRC number can delay the wire, or the receiving bank may return the wire when this number is not included in the payment instructions, and additional fees may be assessed.
International Bank Account Number (IBAN): The IBAN varies by country/institution. Warning! Only the bank servicing an account can provide the correct IBAN of that account and must be obtained from the beneficiary of the wire. Sending a wire to a participating country without the IBAN can delay the wire, or the receiving bank may return the wire when the IBAN is not included in the payment instructions, and additional fees may be assessed.
Mexican CLABE Account Number: Mexican banks now require an 18 digit CLABE account number be added to the Beneficiary instructions to ensure payment. The CLABE number is required on all Mexican Peso (MXN) and USD payments sent to Mexico. The CLABE number must be obtained from the beneficiary. If the beneficiary does not have the CLABE number, please have the beneficiary contact their bank. Texans Credit Union does not provide or calculate the CLABE. Sending a wire without a CLABE account number can delay the wire, or the receiving bank may return the wire if the CLABE is not included in the payment instructions, and additional fees may be assessed.
Texans Credit Union recommends that if you do not have a SWIFT BIC, IBAN, IRC or Mexican CLABE, that you contact the beneficiary of the wire. If the beneficiary does not have the needed information, please have the beneficiary contact their bank to obtain the appropriate information. Sending international wires without the required information can cause the wire to be delayed, returned, or assessed additional fees.
When sending in foreign currency, please ensure the beneficiary’s account accepts the designated foreign currency. International foreign currency wires are generally less expensive to send as compared with international USD wires. For international wires in foreign currency, please call your credit union to obtain a contract number.
Texans Credit Union does not guarantee conversion rates.
Texans CU Routing # 311987786
24-Hour Account Access Line: 972.348.2001 (800.843.6426)