WIRE TRANSFER SERVICES
TERMS AND CONDITIONS AGREEMENT
Financial Institution: Taunton Federal Credit Union (Credit Union / We)
Authorizing Person: Member (Transactor / You)
1. Purpose
This Terms and Conditions Agreement governs the use of wire transfer services provided by Taunton Federal Credit Union (Credit Union) to the Member.
2. Wire Transfer Requests
The Credit Union may accept domestic wire transfer requests through approved channels and may refuse any request at its discretion. Credit Union will generally use the Fedwire® Funds Service, but it may use any means and routes that Credit Union, in its sole discretion, may consider suitable for the transmission of funds.
3. Business Days and Cut-Off Times
Business days, for this feature, are considered Monday through Friday and exclude Saturdays and Sundays. All Federal holidays or days of observance are not considered business days for this feature. In addition, wires may not be processed on any day which the credit union is considered substantially closed for business (for example closed due to extreme weather).
Cut off Times: Domestic wires: 3:00 PM EST. Requests received after cut-off may be processed the next business day. Any requests received before 9:00 AM EST will be reviewed the day they are received.
4. Accuracy of Information
The Member is responsible for providing accurate beneficiaries, accounts, and routing information. Upon review of information provided, the Credit Union may request further documentation to verify the validity of the request.
5. Security Procedures
You agree to follow security procedures set in place by the Credit Union that are industry standard methods of providing security against unauthorized payment orders. Furthermore, you understand that the Credit Union reserves the right to utilize standard methods to confirm any information related to any and all transfer requests, regardless of the amount or frequency of the transaction.
If the Credit Union attempts to verify any information and for any reason is not satisfied with the information provided, the Credit Union reserves the right to refuse to execute the transfer request. In so refusing, the Credit Union shall not incur any liability.
The Member acknowledges all responsibility to prevent any disclosure of information other than on a need-to-know basis. The member understands that they must immediately inform the Credit Union of any compromise of said security procedures.
6. Cancellation and Amendments
Accepted wire requests may not be canceled or amended, although the Credit Union may attempt to accommodate a request before transmission.
7. Availability of Funds and Overdrafts
Sufficient funds must be available. Members are responsible for overdrafts and applicable fees. Credit Union may offset the amount of the overdraft against the balance of any of Member's accounts with Credit Union and may exercise any rights that Credit Union may have under any agreements which grant Credit Union security for the payment of liabilities or obligations of Member to Credit Union.
8. Confirmation and Error Notification
After each transfer request, Credit Union will provide Member with confirmation of the transfer request to the address contained in Credit Union's records. Member agrees to examine and immediately notify Credit Union within fourteen (14) days after the mailing date of Member's statement or confirmation, whichever is sooner, of any discrepancy or error.
If Member fails to notify Credit Union of any discrepancy or error within the time period stated above, Member agrees Credit Union is not liable to pay interest or reimburse for any discrepancy or error with respect to a transfer request described in such confirmation.
9. OFAC and Regulatory Compliance
All transfers are subject to sanctions screening and applicable laws. If it is determined that the transfer requires additional review it verification relative to a regulatory sanction determination, the transfer may incur delays in processing or availability.
10. Limitation of Liability
The Credit Union is not liable for consequential or indirect damages and is not responsible for delays beyond its control. The Credit Union 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 Member or Credit Union.
In no event shall Credit Union be liable for any special, consequential, punitive, or indirect loss or damage suffered by Member in connection with this Agreement, regardless of whether Credit Union knew or should have known such damages might be incurred.
Credit Union shall not be responsible for Member's attorney's fees.
11. Fraud, Scams and Unauthorized Requests
The Member must promptly notify the Credit Union of any suspected fraud, unauthorized wire request, compromised credentials, or security breach. Wire transfers are generally final and may be difficult or impossible to recover after transmission.
The Credit Union may delay, decline, or require additional verification for any request it reasonably believes may involve fraud, a scam, unauthorized activity, or a security concern. A transfer requested or approved by the Member may still be considered authorized even if the Member was induced to send the funds through fraud, misrepresentation, or a scam, subject to applicable law.
The Credit Union does not guarantee recovery of funds but may, in its discretion, attempt to recall or recover a transfer.
12. Governing Law
The terms used in this Agreement shall have the same meanings as defined in Article 4A of the Uniform Commercial Code. This Agreement is subject to all applicable transfer system rules, rules of the Board of Governors of the Federal Reserve System including Regulation J, 12 CFR 210, Subpart B and its appendices, and 31 CFR B, Chapter 1, Part 103, the Board's operating circulars, Nacha Operating Rules and other federal laws and the laws of the state in which the Member's account is located. If any of the terms of this Agreement comes into conflict with the applicable law and is declared to be invalid or unenforceable, those terms will be nullified to the extent that they are inconsistent with the law, and the applicable law will govern. However, this shall not affect the validity of the remaining provisions. Also, fund transfers, as used in this Agreement, excludes any transaction if any part of the transfer is covered by the Electronic Fund Transfer Act of 1978, as amended.
13. Amendments
This Agreement may be amended by Credit Union from time to time, by sending a copy of any proposed amendment to Member at least thirty (30) days prior to the proposed effective date. This Agreement may also be amended by a writing signed by both parties. No representation or statement not expressly contained in this Agreement or in any amendment shall be binding upon Member or Credit Union
14. Termination
Either party may terminate this Agreement or the Member’s access to wire transfer services at any time. The Credit Union may suspend or terminate the service immediately if it suspects fraud, unauthorized activity, a security concern, noncompliance with this Agreement, or a violation of law or regulatory requirements.
Termination or suspension does not affect any wire transfer already initiated, or any fees, liabilities, or other obligations incurred before the effective date of termination.
15. Severability
If any provision of this Agreement is determined to be invalid or unenforceable, that provision will be enforced to the maximum extent permitted by law, and the remaining provisions will remain in full force and effect.
Acknowledgment
By selecting “I Acknowledge,” you confirm that you have read, understand, and agree to these Terms and Conditions. You must select “I Acknowledge” to continue with your wire transfer request.
Acknowledgement does not guarantee approval or processing of the request.
