Wire Funds Transfer Agreement
This agreement between CAMPUS USA Credit Union (“Credit Union”, “we”, “us” or “our”) and the member (“you”) covers the terms and conditions for the transfer of funds, as defined by Regulation J and Florida’s Uniform Commercial Code Article 4A, to or from any of the member’s accounts at the Credit Union. To the extent the terms contained in this agreement are different than those in any other agreement, this agreement shall control. The Credit Union and member agree as follows:
Use of Fedwire
The Federal Reserve Board’s Fedwire may be used to transfer funds to or from your account. Regulation J determines the rights and liabilities for Fedwire wire transfers and Florida’s Uniform Commercial Code Article 4A determines rights and liabilities for non-Fedwire wire transfers.
Notice of Funds Transfer
Notice of a funds transfer to or from your account will be made by the Credit Union on your regular periodic statement. The Credit Union is not obligated to provide you with a next day notification of transfers to or from your account. You may, of course, inquire between periodic statements regarding transfers.
Your Duty to Examine Statement and Notify of Error
You agree to examine the periodic statement within 14 days after the statement is mailed and immediately notify us of any discrepancy or error. If you fail to notify us within 14 days after the statement is mailed you shall discharge and relieve us from any liability of claims, demands or expenses (including attorney’s fees) in connection with such discrepancy or error.
Identification of Beneficiary
If a beneficiary is identified by both name and an identifying or account number, then payments to the beneficiary may be made using that identifying or account number even if the number identifies a person different than the named beneficiary. If a payment order identifies an intermediary party or beneficiary’s financial institution by both name and an identifying or account number, we and any receiving financial institution may rely on that number as a proper identification of the intermediary party or beneficiary’s financial institution. You agree to indemnify the Credit Union for any loss or expense that results from its reliance on an incorrect identifying or account number. The Credit Union is authorized to take the amount of such loss or expense from any account in which you have an ownership interest or the right to withdrawal.
Credit Union’s Liability
Any rate of interest that the Credit Union may be obliged to pay as a penalty under Regulation J or Florida law shall be equal to the dividend rate paid on the account from which the funds transfer should have occurred or to which the proceeds of the funds transfer were or should have been deposited, whichever is lower. The Credit Union’s liability is limited to the payment of this interest. You agree that under no circumstances will the Credit Union be liable for any indirect, incidental, consequential, remote, or special losses or damages, including attorney’s fees and costs.
All payment orders, amendments to payment orders and cancellation orders will be made according to the Credit Union’s security procedures. The security procedures are intended to verify that an order is authorized and to detect errors in the transmission or content of the payment order. The security procedures the Credit Union will use when you request a wire funds transfer include 1) a positive photo I.D. for requests in person, or 2) a photocopy of photo I.D and a member callback. We reserve the right to require a notarized agreement and identity verification for requests via telephone, facsimile, or mail. The Credit Union and its agents may also use encryption, code words, or other similar security procedures. A payment order, amendment to payment order or cancellation order verified by our security procedures is effective as your order, whether or not the order is in fact authorized by you. You agree to the above security procedures.
The cut-off time for all payment orders, amendments to payment orders and cancellation orders is 5:00pm each weekday we are open which is not a holiday. Orders received after the cut-off time are treated as being received the next day we are open. The cut-off time may be modified without notice to you if an intermediary or beneficiary institution is closed.
ACH payments are provisional. This means the Credit Union may give you credit before it receives settlement of the funds transfer. If the Credit Union does not receive payment for the provisional credit granted, it may charge back to you any provisional credit that the Credit Union has given. In that event, you authorize the Credit Union to take such sum from any account in which you have an ownership interest or the right to withdraw.
Right to Refuse Payment Order
We are under no obligation to accept a payment order, amendment to a payment order or cancellation order, but we may do so at our option. We are not obligated to give you notice of such action but notice may be given in your next periodic statement or as otherwise required by law.
Right to Amend, Cancel or Modify Agreement
Funds transfers will be made in accordance with the rules, procedures and fees that are in place at the time of the request. These rules, procedures and fees may be amended from time to time. We may cancel or modify this agreement at any time without prior notice to you. You may not modify this agreement. No representation or statement made by any employee of ours shall be binding on us.
Wire transfers are commonly associated with fraudulent activity such as modified home closing instructions, IRS scams, romance scams and family emergency scams.
Tips for Wire Transfer Safety:
Verify the closing instructions with your title company via a reliable phone number. Emailed closing instructions can potentially be unsecure due to growing fraudulent efforts to reroute funds. Do not send funds to an individual or business you do not know personally. Verify the information you include on a wire transfer to ensure you send the money to the correct person or business. Be wary of schemes claiming your payment will allegedly cover a loved one’s expenses, lottery-winning fees, and other scenarios. Situations where a request to deposit a check and send a portion under the pretense that the extra money is commission or overpayment are often fraudulent. If the check is returned, you may be responsible for the amount.