Wire Funds Transfer Agreement

THE WIRE REQUEST IS NOT CONSIDERED ACCEPTED UNTIL MEMBER VERIFICATION IS COMPLETED.

International Wire Remittance Funds Transfer Requests greater than $50,000 will need to be intiated at a branch.

CONSUMER INTERNATIONAL WIRE REMITTANCE FUNDS TRANSFER AGREEMENT AND AUTHORIZATION

 

In this Agreement, the words “you” and “your” refer to the individual or individuals signing the Outgoing International 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 request. 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 international wire remittance 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 funds 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.
 
Certain Wire Transfers are “Remittance Transfers” under Regulation E. The term “remittance transfer” occurs when a consumer sends funds to a recipient in another country. A “remittance transfer” is an electronic transfer of funds of more than $15.00 requested by a sender to a designated recipient in a foreign country that is sent by a Remittance Transfer provider. Terms applicable to such transactions may vary from those disclosed herein as transfers that are not ”Remittance Transfers” and: (1) Are disclosed in the terms of your Membership Agreement; (2) Any receipt we may provide to you in connection with a request for a remittance transfer; or (3) in separate provisions as designated herein.
 
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 international wire transfer requests will be 12:30pm Central Time (CT) on business days, Monday through Friday, excluding observed holidays. Wire transfers requests cannot be accepted after the cut-off time due to Regulation E disclosure requirements.
 
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 and/or taxes by intermediary and/or third party financial institutions. These fees and/or taxes may be subtracted from the wire transfer amount and we assume no liability for any of these fees. An additional fee may be assessed if a wire tracer is requested in advance of the available date as stated on the wire disclosure document.
 
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 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 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. You could lose the transfer amount if the provided information is inaccurate.
 
If you give the credit union a wire transfer request which identifies a 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. You could lose the transfer amount if the provided information is inaccurate.
 
Remittance Transfers to a beneficiary in a foreign country covered under Regulation E may be held for 30 minutes upon your receipt of our combined disclosure and payment for your wire transfer request. You have the right to cancel a remittance transfer and obtain a refund of all funds paid to us, including any fees. In order to cancel, you must contact us at the phone number on the wire remittance transfer disclosure within 30 minutes of payment for the wire transfer. When you contact us, you must provide us with information to help us identify the transfer you wish to cancel, including the amount and location where the funds were sent. We will refund your money within three (3) business days of your request to cancel a wire transfer as long as the funds have not already been picked up or deposited into a recipient’s account. After this 30-minute time period you may not be able to cancel or amend a remittance transfer request. However, we may, in our sole discretion, use reasonable efforts to act on the request for cancellation or amendment. We shall have no liability if such cancellation or amendment is not effected. Furthermore, you shall be solely liable for any and all damages arising or related to any amendment or cancellation; and agree to indemnify and hold us harmless from any and all liabilities, costs and expenses we may incur in attempting to cancel or amend any transfer.
 
For errors on Remittance Transfers covered under Regulation E the following rules apply. If you think there has been an error or problem with your remittance transfer, call us, write us, or email us using the contact information listed on the wire remittance transfer disclosure You must contact us within 180 days of the date we promised to you that funds would be made available to the recipient. When you do, please tell us: (1) Your name and address [or telephone number]; (2) The error or problem with the transfer, and why you believe it is an error or problem; (3) The name of the person receiving the funds, and if you know it, his or her telephone number or address; (4) The dollar amount of the wire transfer; and (5) The confirmation code or number of the transaction. We will determine whether an error occurred within 90 days after you contact us and we will correct any error promptly. We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of any documents we used in our investigation.
 
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 4:30pm 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.
 
For Remittance Transfers to a beneficiary in a foreign country covered under Regulation E, the sender will receive a combined disclosure for the wire transfer request that states the date the funds will be available. In some instances, funds may be available sooner.
 
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.
 
International Wires: Wires going to foreign countries require different numbers depending on the receiving foreign country. All wire transfer requests 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.
 
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 wire transfers 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.
  

BUSINESS INTERNATIONAL FUNDS TRANSFER AGREEMENT AND AUTHORIZATION

The terms and conditions of your Membership Agreement and Disclosures apply and are incorporated herein to the extent not expressly changed by this Agreement. In this Agreement, the words “you” and “your” refer to the individual or individuals signing the Outgoing International 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 request. 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 business international 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 international wire transfer requests will be 12:30pm CT on business days, Monday through 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 and/or taxes by intermediary and/or third party financial institutions. These fees and/or taxes 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 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 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 a 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 affect 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 wire transfer is payable in Foreign Currency, the credit union will not be liable for a sum in excess of the value of the wire transfer 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 wire transfer is confirmed by the credit union.
 
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. 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 order issued under this agreement.
 
To the extent not otherwise prohibited by law, in connection with any wire 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 wire transfer request. 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 4:30pm 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 wire transfers sent in US Dollars may generally take between one to four weeks before the final credit is made to the beneficiary’s account. International wire transfers 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 wire transfers. 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.
 
International Wires: Wires going to foreign countries require different numbers depending on the receiving foreign country. All wire transfer requests 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.
 
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. Texans Credit Union does not guarantee conversion rates.

Effective March 2014

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24-Hour Account Access Line: 972.348.2001 (800.843.6426)

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