Wire Transfer Agreement

This agreement contains several notices that are required to provide to you as well as other terms of the agreement that will apply to all funds transfers involving you and the Credit Union. Using the Credit Union to send or receive funds transfers shall constitute your acceptance of these terms of agreement.

1. 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.
2. The Credit Union may establish or change cut-off times for the receipt and processing of funds transfer requests, amendments or cancellations. Unless other times are posted for various types of funds transfers, the cut-off time will be 9:00 a.m. for foreign wire transfers and 12:30 p.m. for domestic wire transfers on each business day that the Credit Union is open which is not a holiday. Payment orders, 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.
3. The Credit Union may charge your account for the amount of any funds transfer and applicable fees initiated by you or by any person authorized by you as joint tenant or other authorized party with the right of access to the account from which funds transfer is to be made.
4. 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 procedure, 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 payment orders may be verified using security procedures 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.
5. If you send 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.
6. If you give the Credit Union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying number of bank account number, payment may be made by the beneficiary's bank on the basis of the identifying number or bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible for any losses or expenses incurred by the Credit Union if the funds transfer is completed on the basis if the identifying number or bank account number you provided the Credit Union.
7. If you give the Credit Union a payment order which identifies an intermediary or beneficiary's bank by both name and identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different person than the named bank. This means that you will be responsible for any losses 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 Credit Union.
8. If the Credit Union receives a funds 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 the next day notice of the receipt of the funds transfer. The Credit Union will provide you with notification of the receipt of all funds transfers by including such items in the periodic statement that we provide. You may, of course, inquire between receipt of periodic statements whether or not a specific funds transfer has been received.