Wire Transfer Disclosure

WIRE TRANSFER AGREEMENT

 

This Agreement is made between the Business Banking User (hereinafter known as “Customer”) and Heritage Bank (hereinafter known as “Bank”)

This wire Transfer 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.

 

Transfer requests must be given to the Bank in compliance with the cut-off hours established by the Bank. Our current cut-off is 1:00 pm CST Monday through Friday, excluding holidays. The Bank is not responsible for the accuracy of a routing number supplied by you or 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 Customer by telephone. If, for any reason, the Bank is unable to reach Customer by telephone to notify Customer of the rejection, the Bank may at its option give notice of rejection in writing.

 

Customer 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. Customer agrees that transfer requests will not exceed the collected balance in the account. However, if a payment order should be executed which creates an overdraft, with or without the Bank’s prior consent, customer agrees 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 Customer to the Bank.

 

Customer understands and agrees 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 Customer for the beneficiary, even if the number identifies a person different from the named beneficiary. Customer also understands and agrees 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 beneficiary’s 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 beneficiary’s name and account number refer to the same financial institution. Customer is 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 beneficiary’s identifying number or account number provided by Customer or if the 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 Customer.

 

The Bank and Customer agree that the following security procedures are a commercially reasonable method of providing security against unauthorized Payment Orders:

* Online wire requests must be submitted using a valid Cash Management Login ID that has been assigned to an authorized individual; and

* The customer agrees to notify the Bank in the event there is a change in the authorized personnel who may perform wires.

 

If the Bank attempts to verify authorization and for any reason is not satisfied that the transfer request was issued by a person authorized on the account, the Bank may refuse to execute the transfer request. In so refusing, the Bank shall not incur any liability whatsoever. Customer shall prevent any disclosure, except on a “need to know” basis, of any aspects of the security procedures agreed to with the Bank. Customer 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 Customer agree that the transfer requests received by the Bank are effective as the transfer request of Customer, 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 Customer 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.

 

Customer agrees 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 Customer of any such failure or delay and that the Bank effectuates the transfer as soon as is reasonable 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 any time by giving written or oral notice to Customer. Unless terminated by the Bank, this Agreement shall remain in effect until your account is closed. This Agreement may not be assigned by Customer.

 

This Agreement may be amended by the Bank from time-to-time, by sending a copy of any amendment to Customer at least thirty (30) days prior to the effective date of the change. No representation or statement not expressly contained in the Agreement or in any amendment shall be binding upon Customer or the Bank.

 

Cash Management Supervisors are responsible for establishing and maintaining wire access permissions for Users in the Cash Management system.

 

Wire Requests can be made utilizing the Cash Management System or by calling 888-554-5499 ext 225 and/or asking for the Wire Department.

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