In this Agreement, the words “you” and “your” refer to the individual or individuals signing the Outgoing Domestic Wire Transfer Request as well as any other individual or individuals acting on behalf of or with the authorization of those persons signing in connection with a wire 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 domestic wire transfers 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 wire transfers shall constitute your acceptance of these terms of agreement.
This Agreement and Notice applies to Wire 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 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 wire 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 wire transfer is to be made. Outgoing wire transfers may incur additional processing fees by intermediary and/or third-party financial institutions. These fees may be subtracted from the wire transfer 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 wire transfer. You will be notified of the security procedures, if any, to be used to verify wire transfers issued by you or for which your account will be liable. You agree that the authenticity of a wire transfer 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 wire transfer 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 wire transfer request which identifies the beneficiary (recipient of the) 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 wire transfer is completed on the basis of the identification number you provided the credit union.
If you give the credit union a wire transfer request 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 wire transfer in reliance on the identifying number you provided.
The wire transfer 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 wire transfer request, a refund will be made only after the credit union has received confirmation of the effective cancellation of the wire transfer and the credit union is in free possession of the funds debited or earmarked in connection with the wire transfer. If the credit union is notified that it did not transfer the full amount stated in the wire transfer request, the credit union’s sole liability will be to promptly execute a second wire transfer in the amount of the deficiency. If the credit union executes an instruction in excess of the amount stated in the wire transfer request, to the extent that the originator does not receive the benefit of the wire transfer, the credit union will only be liable for any loss of the principal amount transferred in excess of the amount stated in the wire transfer 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 wire transfer should have been made or from which the wire transfer was made. This section sets forth the credit union’s complete liability for the wire transfer issued under this agreement.
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 4:30 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.
The credit union is excused for delays or failure to execute the wire transfer request to the extent that the delay or failure results from a cause beyond the reasonable control of the credit union.
Effective September 2013