- General Terms
The Wire Transfer Service ("WTS") allows you to wire available funds ("Wire Transfer") denominated in U.S. dollars from an eligible deposit account you have with us to any recipient (the "Recipient"), designated by you and established with us as provided herein. This Wire Transfer Services to the sets forth our terms and conditions regarding your use of the Wire Transfer Service.
- Definitions
As used herein, the following terms have the following meanings:
- "Agreement" means the Wire Transfer Services Agreement;
- "Bank" means Woori America Bank;
- "Business Day" means Monday through Friday, excluding Federal holidays. "Cancelled" means when a Wire Transfer will neither be processed nor sent for any reason;
- "Current Day" refers to Wire Transfers from an account held by us that you authorized with a present day Send On date (i.e., the transfer is scheduled to begin processing the same date as the Instructions are entered);
- "Cutoff Time" means 4:00 PM Eastern Time on any Business Day or any earlier time that may be displayed on the Wire Transfer screens when you make a transfer. In the event of a conflict between the Cutoff Time stated in this Agreement and the Cutoff Time stated on the Wire Transfer screens, the time stated on the Wire Transfer screens on the Wire date shall be deemed controlling. We may make changes to the Cutoff Time from time to time without advance notice to you so you should always check the screens prior to making a transfer to ensure the timely receipt and transmission of your Instructions. The Cutoff Time is the time by which we must receive Wire Transfer Instructions to have them considered entered on that particular Business Day. The Cutoff Time reflects the time displayed on our internal system clocks and may not necessarily be synchronized with the internal clock displayed on your computer. For this reason, we suggest that you transmit any Instructions to us sufficiently in advance of such Cutoff Times to eliminate the possibility of missing the cutoff;
- "Future Dated" means Instructions made via the WTS that are not to be processed on the Current Day; only Business Days may be selected for Future Dated transfers;
- "Instructions" means the information provided by you to us for a Wire Transfer to be delivered to the Recipient (such as, but not limited to, Recipient name, bank name and account number);
- "Pending" means any Instruction that you have ordered to be made which has not been Cancelled before the Cutoff Time on the Send On date. All Future Dated Wire Transfers are "Pending" starting from the time you enter Instructions until the respective items are "Funded."
- "Personal Accounts" means a deposit account used primarily for personal, family or household purposes;
- "Send On date" means the date we will withdraw or charge funds from your Wire From account and begin the delivery process;
- "Wire date" means the Business Day specified in a Wire Transfer payment Instruction on which you wish a Wire Transfer Instruction to be executed by us; it is also the Business Day your Wire From account will be debited for the transaction;
- "Wire From account" means your deposit account with us from which Wire Transfers will be made hereunder; and
- "Wire To account" means, the account to which a Wire Transfer is being requested by you via the WTS.
- Establishment of Recipient
You will need to establish any Recipients to whom you desire to direct wires prior to the Wire date whenever possible. We must receive your Recipient information and activate the Recipient before you will be able to send wires to the Recipient. You need the Recipient's name, address, account number, bank name and bank address to set up a Wire Transfer. We will review and activate your Recipient within a commercially reasonable time of receipt of the information, normally within one Business Day.
In accepting a Wire Transfer Instruction issued in your name, we may rely upon the identifying number (such as Fedwire routing number or account number) of the Recipient, the Recipient's bank or any intermediary bank, as instructed. Also, the Recipient's bank in the Wire Transfer Instructions may make payment on the basis of the identifying number even though it identifies a person or entity different from the named Recipient. If you provided us an incorrect account number for the Recipient or identification number for the Recipient's bank, you may lose the amount of the Wire Transfer.
- Making a Wire Transfer
Once you have registered for the WTS and completed your Recipient setup, you may, on the terms and subject to the conditions set forth in this Agreement, request a Wire Transfer to any established Recipient from the available funds in your deposit accounts with us. We execute wires only on Business Days. Wire Transfer Instructions must be received by us by the Cutoff Time we establish from time to time and as set forth herein or on the Instructions screen. Wire Transfer Instructions that are received by us after the Cutoff Time will be processed on the following Business Day. Funds are deducted from the Wire From account on the Wire date (although balances in your deposit account might not immediately reflect the Wire Transfer transaction). Current Day Wire Transfer Instructions cannot be changed or deleted once you have verified and submitted the Instructions. Any acceptance by us of a request by you to change, delete or recall Wire Transfer Instructions which have been transmitted to us, is made conditionally upon the express understanding by you that we cannot guarantee fulfillment of such a request and that we are not responsible for any failure to change, delete or recall such Wire Transfer.
Notwithstanding the foregoing, you may cancel a Wire Transfer initiated from a Personal Account and sent to a Recipient outside of the United States up to thirty (30) minutes after you provided us with the Instruction if you provide us with sufficient information to identify the specific Wire Transfer to be cancelled.
- Acceptance of Wire Transfer Instructions
All Wire Transfer Instructions transmitted to us are subject to our review and acceptance. Our confirmation of the receipt of your transmission is an indication only that we have received your Instructions. We will debit your Wire From account for the amount of the Wire Transfer Instruction accepted by us, and may debit the Wire From account for all fees associated with the Instruction. You shall have sufficient available funds in the applicable account on the Wire date. We will not be obligated to make any Wire Transfer unless and until there are sufficient available funds in your Wire From account to cover the Wire Transfer on the Wire date. In the event you submit a Wire Transfer request and there are insufficient available funds to immediately process that request, we may confirm the receipt of your Instructions but need not accept the request until there are sufficient available funds in the Wire From account. If at the Cutoff Time on the Wire date of the Instructions there are still insufficient funds in your Wire From account, we may at our option in our sole discretion, and without any obligation to do so, extend any overdraft or other credit account. In addition, you agree that we are not required to accept any Instructions for an amount in excess of the dollar limits established by us from time to time.
Notwithstanding any Instructions to the contrary, we reserve the right to use any funds transfer system and intermediary bank in the execution of Wire Transfer Instructions, and we may use any means of executing Wire Transfer Instructions that we deem reasonable in the circumstances. You authorize such funds transfer systems and any intermediary, receiving or beneficiary banks to deduct fees from the funds transferred. You may initiate Current Day Wire Transfer Instructions in U.S. Dollars from a deposit account. You understand that we or any intermediary, receiving or beneficiary banks may apply their prevailing exchange rate(s) in the conversion and payment of funds to any Recipient in other than U.S. currency. If the Wire Transfer is in a foreign currency, and funds are returned because, for any reason, payment cannot be made, our liability will be limited to the New York exchange market value rate at the time refund is made, less charges taken by any correspondent banks.
You authorize us to charge your designated Wire From account for all Wire Transfers that are issued in your name and verified by us by signing User ID and password to access the Online Service.. You specifically authorize us to electronically debit your Wire From account for the purpose of making Wire Transfers in connection with WTS.
- Accounts with Multiple Owners/Signers
You agree not to request Wire Transfers from any account that requires two or more signatures. You agree, further, not to change the account documentation to require two or more signatures until you have first notified us to terminate access to such accounts by calling or writing us at the phone number or address set forth in Section 9. No such change will be effective as to your WTS until we receive the notice and have a reasonable opportunity to act upon it.
- Recipient Limitations
by the United States Treasury Department's
We reserve the right to refuse to pay any Recipient whom you may designate for a Wire Transfer. We will notify you promptly if we decide to refuse to execute your Wire Transfer Instructions. You represent and warrant to us that you will only set up Recipients and make Wire Transfer Instructions that are in compliance with the laws and regulations of the United States of America, including without limitation, economic sanctions administered by the United States Treasury Department's Office of Foreign Asset Control ("OFAC") and any other applicable laws and regulations. We operate within the guidelines established by OFAC. Under penalty of Federal law, we are obligated to block transactions where any party is included on one of OFAC's list of designates. Proceeds from blocked transactions must be held until such entity is removed from the list or upon special permission from OFAC.
- Liability Limitations
You are responsible for all Wire Transfers issued in your name using your Online Service password. If you permit other persons to use the Online Service or your password, you are responsible for any transactions they authorize.
NOTE: ACCOUNT ACCESS THROUGH THE ONLINE SERVICE AND WTS IS SEPARATE AND DISTINCT FROM YOUR EXISTING SIGNATURE ARRANGEMENTS FOR YOUR ACCOUNTS. THEREFORE, WHEN YOU GIVE AN INDIVIDUAL THE AUTHORITY TO ACCESS ACCOUNTS THROUGH THE ONLINE SERVICE, THAT INDIVIDUAL MAY HAVE ACCESS TO ONE OR MORE ACCOUNTS TO WHICH THAT INDIVIDUAL WOULD NOT OTHERWISE HAVE SIGNATURE ACCESS. YOU ASSUME THE ENTIRE RISK FOR THE FRAUDULENT, UNAUTHORIZED OR OTHERWISE IMPROPER USE OF YOUR PASSWORD. WE SHALL BE ENTITLED TO RELY ON THE GENUINENESS AND AUTHORITY OF ALL INSTRUCTIONS RECEIVED BY IT WHEN ACCOMPANIED BY SUCH PASSWORD, AND TO ACT ON SUCH INSTRUCTIONS.
To the maximum extent permitted by law, we shall not be liable for: (i) any errors or losses you sustain in using the WTS except where we fail to exercise ordinary care in processing any transaction, (ii) any failure to provide the WTS if the account(s) involved is no longer linked for the Online Service, (iii) any act or failure to act by an intermediary bank or any other third party; (iv) any event or circumstance beyond our reasonable control or (v) indirect, special or consequential damages, regardless of the form of action and even if we are advised of the possibility of such damages. Our liability in any case shall be limited to the amount of any funds improperly transferred from your Wire From account less any amount that, even with the exercise of ordinary care, would have been lost.
We are liable in connection with any payment order shall be limited to remittance amount and fee only. To the extent permitted by law, we shall not be liable for events or circumstances beyond your reasonable control or for indirect, special or consequential damages.
- Errors and Questions
In case of errors or questions about your Wire Transfers, if you think that your statement is wrong or you need more information about a Wire Transfer listed on the statement, you should contact us as soon as you can by calling 1-888-699-6674 Monday to Friday 9:00 A.M. to 5:00 PM or by writing us at Woori America Bank, 330 Fifth Avenue, New York, NY 10001.
- Indemnification
You indemnify us against any claim, liability or loss asserted against or incurred by us as a result of (a) the issuance of any password or service activation code (including the means by which we transmit such password or service activation code to you) or (b) use of WTS, including but not limited to (i) any claim that use of a password or following the security procedures set forth herein are not a commercially reasonable means of providing security against unauthorized Wire Transfers from accounts, (ii) any liability or loss incurred as a result of your changing your account documentation without notifying us as required by Sections 6 and Section 9. You further agree to indemnify us for all claims, costs, demands, expenses, liabilities and losses including reasonable legal fees and expenses, arising from any claims of a third party relating to any action taken or not taken by us pursuant to this Agreement or any service, unless the action or non-action constitutes negligence or willful misconduct by us.
- Linking Business and Personal Accounts
If any of your accounts is a business account, you may be permitted to link such business account to your personal accounts, provided (i) the authorized signer on the business account is also an authorized signer on the personal accounts to be linked; (ii) the personal account information provided during linkage is accurate and can be validated. You agree not to change the account documentation to add a second signer to the business account, share account access information with others and change the name of the business account, until you have first notified us and provided required documentations. No such change will be effective to the WTS until we receive the notice and have a reasonable time to process it. You will be responsible for any loss or liability incurred as a result of your late or lack of notice.
- Authority
If any of your account is a business account, you represent and warrant that you are authorized to enter into this Agreement and to bind your business hereto, and that your Online Service application conforms to the terms and conditions of this Agreement.
- Fees
We reserve the right from time to time upon notice to you to add, delete or modify charges. There is no monthly fee for establishing the service. Fees are assessed only if you initiate Wire Transfer Instructions and are applicable for each Wire Transfer Instruction initiated. Additional fees may apply. Fees will be charged against your Wire From account for each wire Instruction accepted by us.
To find out the amount of the fees applicable to you, please visit one of our branches to get the latest Additional Banking Services and Fees document.
- Severability
In the event that any of the provisions of this Agreement are held by to be unenforceable by a court or arbitrator, the remaining portions of the Agreement will remain in full force and effect.
- Governing Law
THIS AGREEMENT IS SUBJECT TO ALL APPLICABLE U.S. FEDERAL LAWS, REGULATIONS, RULES AND WIRE TRANSFER ARRANGEMENTS, INCLUDING BUT NOT LIMITED TO REGULATION J OF THE BOARD OF THE FEDERAL RESERVE SYSTEM AND THE UNIFORM COMMERCIAL CODE ARTICLE 4A AS INCORPORATED BY APPLICABLE STATE LAW.
- Additional Terms Governing Consumer International Wire Transfer Service
- General
This Section contains additional terns applicable only to Orders initiated by a natural person (consumer) in the United States to transfer funds to a Beneficiary in a foreign country for personal, family, or household purposes (each an "Consumer International Wire Transfer"). This Section does not apply to any Order sent to a Beneficiary in the United States, to any Order initiated by a non-consumer, or to any Order initiated by a consumer for any non-personal, non-family, or non-household purposes.
- Disclosures
Prior to sending an Consumer International Wire Transfer, we will provide you with certain important disclosures regarding your transaction including, to the extent applicable: the amount that will be transferred to the Beneficiary, a description of any fees and taxes imposed by us, the total amount of the transaction, the exchange rate to be used, the amount to be transferred in the Foreign Currency, a description of any fees and taxes to be applied by any other person to the extent known by us, and the amount that will be received by the Beneficiary.
- Liability
Except as otherwise agreed in writing, we are liable only for damages required to be paid as provided under Regulation E, subpart B or, to the extent applicable, UCC 4A. Except as required by Regulation E, subpart B, we will not be responsible for the acts or omissions of any other person or entity, including but not limited to any processor, any country's central bank, or any other financial institution, and no such person or entity will be deemed the Bank's agent. In no event shall the Bank have any liability for any indirect, incidental, consequential, punitive, or special damages, even if advised of the possibility of such damages.
- Cancellation
You have a right to cancel a Consumer International Wire Transfer for a full refund within 30 minutes of completing it. To cancel, please call the cancellation phone number provided to you at the time of your request.
- Error Resolution
In the event that you believe an error has occurred with respect to a Consumer International Wire Transfer, you must notify us no later than 180 days after the "Availability Date" (the date when funds will be available to the Beneficiary) disclosed to you. You may notify us by calling 1-888-MYWOORI (699-6674) or by mailing us at 330 Fifth Ave, New York, NY 10001. If you fail to notify us within this time period, we will not be liable for any error or loss of interest or any interest equivalent relating to the erroneous transaction.
When you contact us, please tell us: (a) your name, address, and telephone number where we can reach you during business hours; (b) the Beneficiary's name and, if known, his or her telephone number and address; (c) the date, dollar amount and transaction confirmation number of the Consumer International Wire Transfer; and (d) the error or problem with the wire transfer, and why you believe it is an error or problem.