2000-047 Council Resolution - Laserfiche WebLink

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TRANSFER OF FUNDS TERMS AND CONDITIONS These Terms and Conditions (the "Agreement") establish the agreement by which a Firstar bank ("Bank") will allow a customer ("Customer") who executes the Bank's Wire Transfer Authorization Form to initiate funds transfers from Customer's accounts Bank. This Agreement shall be considered an addendum to any other rules or agreements governing Customer's accounts, provide, however, in the event of any inconsistency between this Agreement and such other rules or agreements concerning a funds transfer, this Agreement will control. 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: (a) The term "Authorized Representative" shall mean the individual or individuals listed in the most current Supplement (as defined below) on file at Bank. (b) The term "Beneficiary" shall mean the person to be paid by a funds transfer initiated by Customer hereunder. (c) The term "CDL" shall mean the Customer Direct Link electronic communications system offered by Bank to depository customers. (d) The term "Covered Account" shall mean each deposit account maintained in the name of Customer at Bank and described in the most current Supplement on file at Bank. (e) The term "Fedwire Regulation" shall mean Subpart B of Regulation J of the Board of Governors of the Federal Reserve System, as amended from time to time. (f) The term "Fedwire" shall mean the funds -transfer system owned and operated by the Federal Reserve Banks that is used primarily for the transmission and settlement of payment orders governed by the Fedwire Regulation. The term "Payment Order" shall mean an instruction to Bank from or in the name of Customer, to pay or cause another financial institution to pay a fixed or determinable amount of money to a Beneficiary. (h) The term "Repetitive Transfers" shall mean funds transfers in which the Covered Account, Beneficiary, Beneficiary's financial institution, and Beneficiary's deposit account are the same for each transfer, and only the date and dollar amount and any optional additional information vary. The term "Security Procedures" shall mean those procedures described in Section 3 below for transmitting Payment Orders to Bank and for verifying such Payment Orders upon receipt by Bank, as such procedures may be amended from time to time by Customer and Bank. (j) The term "Supplement" shall mean Wire Transfer PIN Authorization Form, fully completed and delivered to Bank, and any subsequent amendment thereto (whether or not in the form of or referring to Wire Transfer PIN Authorization Form) complying with Section 8 below. 2. Authorization; Transmittal of Payment Orders. Customer authorizes Bank from time to time to transfer funds of Customer from any Covered Account to any other deposit account of Customer or a Beneficiary at Bank or another financial institution, or to another financial institution for the benefit of Customer or a Beneficiary, when requested to do so in a Payment Order from an Authorized Representative or any person purporting to be an Authorized Representative. Payment Orders may be transmitted to Bank by any means approved by Bank, including oral, written, or electronic communication. Bank is authorized to electronically record all oral Payment Orders and to retain such recordings as long as Bank considers it necessary. If a Payment Order received by Bank purports to have been transmitted or authorized by Customer and Bank has acted in compliance with the Security Procedures with respect to such Payment Order, then such Payment Order shall be deemed effective as Customer's Payment Order, and Customer shall be obligated to pay to Bank the amount of such Payment Order as provided herein, even if such Payment Order was not authorized by Customer. If a Payment Order received by Bank was in fact transmitted or authorized by Customer, then Customer shall be obligated to pay to Bank the amount of such Payment Order as provided herein, whether or not Bank acted in compliance with the Security Procedures with respect to such Payment Order. 3. Use of Security Procedures. Customer agrees that Bank will use the Security Procedures described below (or any Security Procedures subsequently agreed to by Customer and Bank) to detect unauthorized Payment Orders prior to execution of such Payment Orders by Bank. Customer agrees that the Security Procedures are commercially reasonable and are designed solely for verification of Payment Orders by Bank and not for the detection of errors or the protection of Customer. Customer acknowledges that some of the Security Procedures which Bank offers are available only if Customer transmits Payment Orders directly to Bank's funds transfer department by telephone, computer, or other electronic means. Accordingly, Customer acknowledges that if Customer issues a Payment Order to a representative of Bank outside Bank's funds transfer department, Customer will be deemed to have refused such Security Procedures and (g) (i)