Wire Transfer Agreement

Wire Transfer Agreement

1. AUTHORIZATION

You can authorize wire transfers by telephone, fax, email, or written instructions when these requests are received from any one of your Authorized Representatives listed on a Wire Transfer Exhibit A. We are authorized to wire from your accounts with us to any other of your accounts with us or another institution, and any third party accounts with us or another institution. We shall have the right to deduct the wire transfer from any of your accounts if you do not designate a particular account, or the designated account has insufficient collected balances. We may refuse to honor instructions for transfer which would exceed the collected balance of your account. We have the right to reject any payment order for any reason. If we reject instructions, we shall attempt to notify you via phone on the day of your request. We shall have no liability to you by reason of the rejections of such instructions, or for any failure to provide notice of such rejection. If you wish to cancel or amend a wire transfer after it has been received by us, we will make a reasonable effort to act on your request. If we are unable to make the cancellation or amendment, we shall have no liability or obligation if those actions are not effected. 

2. VERIFICATION

We will accept a request for wire transfer from you or your authorized representative(s) only when they have complied with one of the verification methods below. We will not have any further responsibility for verifying the validity of the instructions. We shall conclusively presume that any person possessing appropriate security codes or access devices is an authorized representative and we will regard their instructions as being authorized by you. Repetitive wires are those that are initiated at least four times per year and have been assigned a repetitive number by us. Only the amount of the wire and the reference information changes for each request. You may establish those repetitives by completing a Wire Transfer Exhibit B.

Verification Methods
If we are unable to reach you or any authorized representative for confirmation at the telephone number on record we will not send the wire transfer.

(1) Fax/E-Mail with Phone Pin Confirmation: Fax or email the wire instructions. We will call an authorized representative (pin-holder) to approve the transfer by obtaining their PIN. FAX: (847) 517-8707. E-mail: Wires@americanchartered.com.
(2) Online Banking via eCorp: Enter your wire online using your eCorp token. You must have a separate eCorp Agreement on file to be authorized to send wires online.
(3) Telephone PIN Confirmation: You may call the Wire Transfer Department recorded line to verify your wire and provide your Pin. Pins may be left on our secure voice mail. Our recorded line is (847) 517-2267.
(4) In Person: You may come into any branch and your wire instructions can be provided and identity verified.

3. SECURITY CODE

We will assign a unique Personal Identification Number (PIN) to each of your Authorized Representatives as listed on Exhibit A. These PINS are strictly confidential and should be safeguarded. Instruct your pin-holders not to disclose their PINs to anyone. You warrant and agree that no individual will be allowed to initiate a wire transfer in the absence of proper supervision and adequate safeguards. If you believe that any of these PINs have become known by an unauthorized person (whether or not employed by your), or you have removed an Authorized Representative, contact us immediately to deactivate or issue new PINs as appropriate. We reserve the right to re-issue PINs and provide new written instructions as necessary.

4. BANK LIABILITY

Except as otherwise stated herein, we shall not be liable for any loss arising, directly or indirectly, in whole or in part from (a) the negligence or misconduct of you or any of your agents (b) any ambiguity in the instructions given to us (c) your failure to notify us of errors within the time frames set forth herein (d) the negligent act or omission of any third party, whether or not selected by us (e) any error, failure or delay of transmission of any Funds transfer request, including, without limitation, any inoperability or malfunction of communications facilities, or other circumstances beyond reasonable control. You agree to indemnify, defend and hold us harmless from and against any and all damages, liabilities, actions and claims which result, directly or indirectly, in whole or in part, from any negligence or fraud by you or your agents, or from a third party claim not occasioned by our own negligence. You agree to assign to us no responsibility beyond the duty to exercise ordinary care, and you agree that we shall be conclusively deemed to have exercised ordinary care if we have followed the procedures stated herein or if you have not followed such procedures or any of your own obligations hereunder.

IN ALL CASES, OUR LIABILITY FOR ANY ACT OR FAILURE TO ACT PURSUANT TO THIS AGREEMENT SHALL BE LIMITED TO THE RESULTING DIRECT LOSS, AND NOT TO ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR EXEMPLARY DAMAGES, OR FOR ATTORNEY FEES, WHETHER OR NOT THE LIKELIHOOD OF SUCH DAMAGE WAS KNOWN OR CONTEMPLATED BY US AND REGARDLESS OF THE LEGAL OR EQUITABLE THEORY OF LIABILITY WHICH YOU MAY ASSERT AGAINST US.

5. INCONSISTENT NAME AND ACCOUNT NUMBER IN INSTRUCTIONS

If instructions describe the intended recipient of funds inconsistently by name and account number, then you acknowledge that payment by the receiving bank may be made on the basis of account number, even if that account is now owned by the person named in the instructions. If you are the originator or instructions containing an inconsistent name and account number, you acknowledge and agree that you obligation to pay us the amount of that instruction shall not be excused in such circumstances.

6. WIRES RECEIVED WITH INCOMPLETE INSTRUCTIONS

If incoming wires are designated by name but omit specific account information we will make attempts to contact you or your authorized representative to determine the correct crediting account. If we are unable to reach you, we will apply the wire to an existing account to avoid return of wire, additional fees and reduced interest. You agree that we have no liability in the event the wire is applied to account not intended by you or the sending institution.