UCC article 4A (for ACH and FEDWIRE) privacy and disclaimers
In accordance with Article 4A of the Uniform Commercial Code and as required by the State of Oklahoma, WEOKIE Federal Credit Union provides the following notice of your rights and limitations when conducting transactions via wire transactions and /or automated clearing house (ACH).
Notice of the use of Fedwire:
1. If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions.
Notice regarding identification of beneficiary:
2. If you give WEOKIE Federal Credit Union a payment order which identifies the beneficiary (recipient of funds) by both name and identifying or account number, payment may be made by the beneficiary’s bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary.
Notice regarding identification of banks:
3. If you give WEOKIE Federal Credit Union a payment order which identifies an intermediary or beneficiary’s bank by both name and an identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different person than the named bank.
Notice of provisional nature of ACH payments:
4. WEOKIE Federal Credit Union may give you credit for automated clearing house (ACH) payments before it receives final settlement of the funds transfer. Any such credit is provisional until WEOKIE Federal Credit Union receives final settlement of the payment. You are hereby notified and agree, if WEOKIE Federal Credit Union does not receive such final settlement, that it is entitled to a refund from you of the amount credited to you in connection with that ACH entry.
Notice regarding receipt of ACH item:
5. ACH transactions are governed by operating rules of the National Automated Clearing House Association. In accordance with these rules, WEOKIE Federal Credit Union will not provide you with next day notice of receipt of ACH credit transfers to your account. You will receive notices of receipt of ACH items in the periodic account statements. 6. WEOKIE Federal Credit Union may accept, on your behalf, payments to your account which have been transmitted through one or more ACHs and which are not subject to the Electronic Funds Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the State of Oklahoma s provided by the operating rules of the Nation Automate Clearing House Association.