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Funds Transfer Agreement


You are authorizing Universal 1 Credit Union (further known as U1) to transfer funds as indicated upon the Funds Transfer Notice and Agreement. Fees associated with this transfer of funds are disclosed on our Fee Schedule. Other financial institutions involved in this transfer may impose additional fees.

U1 may fail to act or delay acting upon a payment order such as a wire transfer without any liability because of legal constraints, your negligence, and interruption of communication facilities, equipment failure, war, emergency conditions or other circumstances beyond our control. We may also fail to send or delay sending a wire order without any liability if sending the order would violate any guideline, rule or regulation of any government authorization.

U1 is not liable for consequential, special, or exemplary damages or losses of any kind.

You have no right to cancel or amend the payment order. If you ask U1 to cancel or amend it, we may make a reasonable effort to act on your request. We are not liable to you if for any reason this payment order is not amended or canceled. You agree to reimburse U1 for any costs, losses or damages that U1 incurs in connection with your request to amend or cancel this agreement.

If U1 tries to cancel the funds transfer, we will not refund your money until the funds are returned to us from the receiving financial institution. If the funds are returned, they may not be returned for the original wire transfer amount. This may be due to other fees imposed from the other financial institutions involved.

U1’s cut-off time for processing wire orders is 1:30 P.M EST, unless other times are posted for various types of funds transfers. If U1 receives a wire transfer request after the cut-off time, the wire will be sent the following business day. U1 cannot guarantee and is not responsible for the arrival time of the wired funds.

You are responsible for correctly identifying beneficiaries of your payment order. If you give U1 the name and account number of the beneficiary, U1 and other financial institutions may process the wire transfer based on the account number alone, even though the name on the account may be different from the named beneficiary. If you give us the name and identifying number of a financial institution, we may process the payment order based on the institution’s identifying number alone, even though the numbers may identify a financial institution other than the institution named. In these cases, you are still obligated to pay us the amount of the wire transfer.

FEDWIRE is the funds transfer system of the U.S. Federal Reserve Banks. U1 or other financial institutions involved may use FEDWIRE to make the funds transfer. If any part of the funds transfer is carried by FEDWIRE, your rights and obligations regarding the funds transfer are governed by Regulation J of the U.S. Federal Reserve Board. Also, U1 follows Article 4A of the Uniform Commercial Code as set by the state of Ohio.

When submitting a wire transfer request, U1 will request information to identify you prior to executing the funds transfer. You must agree to one of the following security measures that will be used by U1 for the purpose of verifying your identity for all funds transfer requests. U1 will use the agreed-upon security measure selected below.

* * Required Fields

Option 1

Callback PIN Number:

Option 2

Callback Password:

If you would like to amend your chosen security procedure, you will need to complete a new Funds Transfer Notice and Agreement form. This form can not be changed or updated with an oral agreement.

I have read and understand the agreement listed above. By clicking submit, I agree my typed name has the same validity and meaning as my handwritten signature and understand it is legally binding.

Security Code:

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