Mobile Wire Transfers for Consumers Service Addendum
This Mobile Wire Transfers for Consumers Service Addendum (this “Addendum”) applies to the Wire Transfers for Consumers Service (the “Wire Transfer Service” or “Service”), which is part of the Mobile Banking Service offered through BBVA Compass Mobile Banking. You may use this Wire Transfer Service to initiate outgoing domestic wire transfers from certain types of consumer Mobile Accounts, including checking, savings and money market accounts. Each Mobile Account from which the Bank allows you to initiate wire transfers is referred to as a “Wire Transfer Account.” From time to time, the Bank may allow wire transfers to be initiated from additional types of Mobile Accounts, and any such additional types of Mobile Accounts will be automatically included in the Wire Transfer Accounts that you may access through the Wire Transfer Service.
You may initiate payment orders for domestic wire transfers through Mobile Banking, subject to the following restrictions and conditions:
- Authorization for Wire Transfer Service. You authorize and direct us to process each payment order for a wire transfer submitted through the Wire Transfer Service and in compliance with the Security Procedures described herein. We have no obligation at any time to process any payment order that exceeds the Available Balance (as that term is defined in the applicable Account Agreement) in the Wire Transfer Account at the time that you initiate the wire transfer. We have the right, but not the obligation, to refuse to process any payment order for the purpose of determining whether you authorized the payment order, and shall incur no liability for any delay caused by exercising this right. Wire transfers are “funds transfers” under and for purposes of Article 4A of the Uniform Commercial Code, as adopted in the state in which we maintain your Wire Transfer Accounts.
- Your Agreement to Security Procedure. You agree that the Wire Transfer Security Procedures constitute a commercially reasonable security procedure for you. You agree to be bound by any payment order (or any request for cancellation or amendment of a payment order) for a wire transfer initiated through the Wire Transfer Service and accepted by the Bank in compliance with the Wire Transfer Security Procedures, regardless of whether or not you actually authorized the wire transfer. If a payment order for any wire transfer is accepted by the Bank in compliance with the Wire Transfer Security Procedures, and the payment order contains any error, to the full extent allowed by law you shall be liable for, and shall indemnify the Bank against, the amount of the payment order and all claims and all of the Bank’s losses and expenses, including attorneys’ fees, relating to the erroneous payment order. The Bank’s records demonstrating compliance with the Wire Transfer Security Procedures with respect to any payment order will be deemed conclusive proof that the payment order received by the Bank was authorized and you are bound by that payment order.
If the payment order for a wire transfer (or any request for cancellation or amendment of a payment order) received by the Bank was transmitted or authorized by you, you shall be obligated to pay the amount of the payment order regardless of (i) whether or not the Bank complied with the Wire Transfer Security Procedures with respect to that payment order, (ii) whether or not that payment order was erroneous in any respect, and (iii) whether or not that error would have been detected if the Bank had complied with such Security Procedures.
You acknowledge and agree that in the event you request the Bank to accept any payment order for a wire transfer made by using any security procedures other than the Wire Transfer Security Procedures set forth in this Addendum (which the Bank may accept or refuse at its discretion), then you will be deemed to have chosen other security procedures after the Bank offered and you refused security procedures that were commercially reasonable for you, and you expressly agree to be bound by any payment order, whether or not authorized, issued in your name in accordance with such other security procedures.
- Transfer Requests.
- Initiating Transfers. Wire transfers shall be from Wire Transfer Accounts, and may be to any other account with the Bank, an affiliate of the Bank, or another bank or financial institution. You agree that, except as otherwise provided for in this Addendum, all wire transfers originated through the Wire Transfer Service shall comply with the Wire Transfer Security Procedures, all other terms of this Addendum, and the terms and provisions of Article 4A of the Uniform Commercial Code, as adopted in the state in which the Bank maintains your accounts.
- Honoring Transfers. We will accept a payment order for a wire transfer only if you place the order in accordance with the terms and requirements stated in this Addendum or within the Mobile Banking Service. We have no obligation to honor, either in whole or in part, the payment order for any wire transfer (or the cancellation or amendment thereto) that: (i) exceeds the Available Balance (as that term is defined in the applicable Account Agreement) in the Wire Transfer Account from which the transfer is requested; (ii) is not in accordance with each term and condition provided for in this Addendum and applicable law; (iii) is not, or we believe may not be, authorized or correct; or (iv) is impracticable or not feasible to accept. In addition, we shall be excused from failure or delay in issuing or accepting a payment order for a wire transfer if such issuance or acceptance would result in the Bank’s exceeding any limitation upon its intraday net funds position established pursuant to present or future guidelines or otherwise violating any provision of any present or future bank regulatory statute, rule, regulation or risk control program. If the applicable Wire Transfer Account does not contain sufficient funds for the requested wire transfer, we may, at our option, accept the payment order for the wire transfer and debit any such account into overdraft, and we shall not be liable for damages to you as a result thereof; provided, we have no obligation to debit any such account into overdraft. If we create an overdraft to complete a wire transfer, you agree to pay to us the amount of the overdraft upon demand, and, if applicable interest accruing on the amount of the overdraft from the date of its creation at the maximum rate of interest permitted under applicable law. You hereby authorize us to charge any of your accounts held by us (even if not a Wire Transfer Account or a Mobile Account) at any time for such amount.
Except as otherwise provided in this Addendum, we agree to use reasonable efforts to execute each payment order for a wire transfer on the date received, provided that: (i) we receive your payment order no later than 4:00 p.m., Central Time; and (ii) such day is a Business Day for us, the Federal Reserve, and the beneficiary’s bank. In executing the payment order for any wire transfer, we may utilize such means of transmission as we reasonably select. If you originate multiple payment orders for execution on the same day, we may execute the payment orders in any order convenient to us. If you direct us to use a specific intermediary bank or specific means of execution, you assume all risks of failure or of non-payment by the intermediary bank and all risks of loss by the means directed.
- Canceling and Amending Payment Orders. If you wish to cancel or amend a payment order previously transmitted to us, you must transmit notice of the requested cancellation or amendment in compliance with the Wire Transfer Security Procedures, and you must include the amount and recipient of the payment order in the notice. We will make a reasonable effort to comply with any request you make to cancel or amend a payment order that is made before our acceptance of that payment order but only if our Wire Transfer Department has been given sufficient notice and a reasonable opportunity to act on it. We have no obligation or duty to cancel or amend a payment order received from you after we accept the payment order. If we consent to cancel or amend an accepted payment order, you shall indemnify and hold us harmless for all loss and expense, including attorneys’ fees, relating to the cancellation and amendment or attempted cancellation and amendment.
- Fees. You agree to pay the fees for wire transfers provided within the Mobile Banking Service. You also agree to pay and reimburse us for all governmental and third party fees or taxes arising out of or related to our providing the Wire Transfer Service to you.
- Reliance on Your Instructions. You understand and agree that we will not verify the terms of any payment order submitted under this Addendum. You are solely responsible for the accuracy and completeness of all data, instructions or other information provided to us regarding any wire transfer initiated. You authorize us to process each payment order submitted in accordance with the information that we receive from you in accordance with the Wire Transfer Security Procedures. We shall have no responsibility for any erroneous information you provide and no liability for any losses you may suffer that arise from or relate to any erroneous information you provide for any payment order submitted hereunder.
- You agree to indemnify, protect and hold harmless the Bank, our service providers and affiliates (including their respective officers, employees and agents) from and against any and all losses, damages, claims, judgments, costs and expenses (including reasonable attorneys’ fees) arising from or relating to: (i) your use of the Wire Transfer Service; or (ii) any errors, negligence, action, inaction, or involvement by you, the Bank, our service providers and affiliates, or their actual or apparent officers, employees, and agents, in connection with the Wire Transfer Service, or otherwise, including, but not limited to, third party claims for reimbursement or losses.
- Actual receipt by us of proper notice or delivery of any information (including stop payment, return, process, dishonor, and similar notices required under this Addendum or any agreement executed by you from time to time) from you before the deadline required by us in our sole discretion is an express and non-waivable condition precedent to our related obligation to perform any service or to meet any deadline imposed by law, regulation, or any person. You bear the burden of proof of the time and manner of our actual receipt of any notice or transmittal of information.
- Representations and Warranties. You represent and warrant that each electronic communication submitted to us through the Wire Transfer Service, including without limitation each payment order, shall comply with this Addendum and all applicable law. You agree to provide any additional information and to execute any additional documents or agreements that we may request in connection with your use of the Wire Transfer Service.
EXCEPT AS REQUIRED BY LAW, THE BANK MAKES NO REPRESENTATIONS, WARRANTIES, AGREEMENTS, OR GUARANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION: (I) ANY REPRESENTATIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AS TO ANY ITEMS OR THE WIRE TRANSFER SERVICE PROVIDED BY THE BANK TO YOU; (II) ANY WARRANTIES ARISING UNDER THE UNIFORM COMMERCIAL CODE AS ADOPTED IN THE STATE IN WHICH THE BANK MAINTAINS YOUR MOBILE ACCOUNTS; (III) ANY WARRANTIES WITH RESPECT TO COMPLIANCE WITH THE ELECTRONIC FUNDS TRANSFER ACT OR REGULATION E OF THE FEDERAL RESERVE BOARD; (IV) ANY RULE OR REGULATION OF ANY AUTOMATED CLEARING SYSTEM; OR (V) ANY STATE ELECTRONIC FUND TRANSFER STATUTE OR REGULATIONS.
- Identifying Information. You understand and agree that all wire transfers shall be executed on the basis of the following information provided in your payment order (which is referred to collectively as “Identifying Numbers”): (i) account number or other Identifying Number for the beneficiary; and (ii) the Identifying Number for any bank to or through which the funds are to be sent (a “Receiving Bank”). The Bank and any other bank processing the payment order for wire transfer (a “Processing Bank”) may rely solely on the Identifying Numbers that you provide in your payment order, regardless of whether the order also identifies the beneficiary or Receiving Bank by name, and no Processing Bank has any obligation to confirm that any Identifying Number applies to any named beneficiary or Receiving Bank or to identify any discrepancy between any Identifying Number and the name provided for any beneficiary or Receiving Bank.
We have no obligation to determine whether the recipient identified in any payment order is the accountholder for the account to which funds are to be transferred. If your instructions for any payment order contain any inconsistent information or other discrepancy regarding the name of the intended recipient and the account into which the funds are to be transferred, we shall make the transfer on the basis of the account number, even if that number identifies an account held by a person or entity other than the named recipient. If a payment order issued by you identifies an intermediary bank or beneficiary’s bank only by an Identifying Number or by both name and Identifying Number, the Receiving Bank may rely on the Identifying Number as the proper identification of the intermediary bank or beneficiary’s bank, even if such number identifies a person or entity different from the bank identified by name; and the Receiving Bank need not determine whether the name and number refer to the same person or entity or whether the number refers to the bank.
The foregoing is intended to be consistent with and subject to the terms and provisions of Sections 4A-207 and 4A-208 of the Uniform Commercial Code as in effect in the state in which we maintain your Mobile Accounts. To the fullest extent permitted by law, (i) knowledge (whether actual or constructive) by us of any discrepancy or inconsistency in the information provided in connection with any payment order for a wire transfer shall not change or impair our right to execute a payment order for a wire transfer as provided herein, and (ii) neither we nor any Processing Bank shall have any liability for executing any payment order, even if it has knowledge of the discrepancy or inconsistency.
A Spanish version of this document is available as a courtesy to our clients who use Spanish as their primary language. Although Compass Bank has taken every precaution possible to translate the original document correctly, the Spanish translation is only a courtesy to our clients. Please take note that all official documents from Compass Bank will be in English only. Please visit: http://www.bbvacompass.com/mobile-banking/terms/es/wire-transfer.html to view the Spanish version.
BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank, Member FDIC.