WIRE TRANSFER DISCLOSURE STATEMENT
In this Wire Transfer Disclosure Statement and Agreement (this "Agreement"), the words "you" and "your" mean the account owner, and the words "us," "we," and "our" mean Capital One, N.A. This Agreement defines your responsibilities and our responsibilities with respect to domestic transfers of funds from your account(s) with us for credit to an account at another financial institution or another account with us (“Wire Transfer”). You understand that, except as specifically modified by this Agreement, your account(s) will continue to be governed by the terms and conditions contained in other agreements and/or disclosures that you have been provided with in connection with your account(s), which are incorporated herein by reference. Unless otherwise defined herein, the terms used in this Agreement shall have the same meaning as set forth in Article 4A of the Uniform Commercial Code and, to the extent applicable, the Electronic Fund Transfer Act (EFTA) and its implementing regulations.
How to Request a Wire Transfer: To send a wire transfer, log in to initiate a wire request (“Wire Money”) using our online wire form. The beneficiary and dollar amount for a Wire Transfer under this agreement may be limited. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice. The types of wire transfers that can be initiated, the eligible recipients, and applicable limits will be identified to you when you set up a Wire Transfer online. We reserve the right to reject any Wire Transfer Request. We may restrict the use of wire transfers for new accounts and newly added joint account holders.
Method Used to Execute the Wire Transfer: We may select any means for the transmission of funds that we consider suitable, including but not limited to Fedwire. We may make use of correspondents, agents, subagents, and funds transfer and communication systems. Such third parties shall be deemed your agents, and we shall not be liable for any errors, delay, misdelivery, or failure of delivery by any of them unless applicable law says otherwise.
Cut-Off Times: We have cut-off hours for processing Wire Transfers. If a wire request is received by 2:00pm ET and verified through our security procedures outlined in the section below titled “Security Procedures,” funds will be processed the same business day. If it is received after 2:00pm ET and verified through our security procedures, funds may be processed the next business day. We may treat any Wire Transfer Request received at or after our cut-off time as if it was received that business day, or we may treat it as if it were received at the opening of the next business day.
Security Procedures: You agree and consent to the use of certain security procedures by us to confirm the validity of the Wire Transfer Request made pursuant to this Agreement. You understand the security procedures are not designed to detect errors in the content of the Wire Transfer Request or to prevent duplicate transfers. Some elements of the procedures will vary, depending upon the method used to initiate a Wire Transfer. You hereby agree that your utilization of any security procedure established hereunder shall constitute your agreement to its use and affirmative acknowledgment of its commercial reasonableness. You further agree that any Wire Transfer Request that is acted upon in good faith by us in compliance with these security procedures, whether or not in fact authorized by you, shall constitute an authorized Wire Transfer. The following security procedures shall apply to this Agreement: Before accepting any such Wire Transfer Requests, we will: (1) perform verification on the individuals initiating the Wire Transfer Request that is designed to ensure they are the individuals previously authorized to initiate a Wire Transfer for the account in question; (2) apply fraud-related screens to the wire instructions; (3) contact you using information from your account records to verify the Wire Transfer for wires that are not initiated in person (this contact may be through a method different than the one you used to request the Wire Transfer (e.g., phone versus e-mail) or it may be through the same channel to obtain a password or other information that only you should have); (4) request and receive any other proof of identification or any other documentation from you or your authorized representative, which we may, in our sole discretion, require under the circumstances; and (5) you expressly agree to receive security alerts from us by prerecorded voice message and/or text message, including with the use of an automatic dialer (autodialer), at any mobile device number you provide to us.
Force Majeure: We will not be liable for our inability to perform our obligations under this Agreement when such inability arises out of causes beyond our control, including but not limited to, any act of God, accident, labor disputes, power failures, system failure, equipment malfunction, suspension of payment by another bank, refusal or delay by another bank to accept the wire transfer, war, emergency conditions, fire, earthquake, or the failure of any third party to provide any electronic or telecommunication service used in connection with the execution or cancellation of a Wire Transfer.
Inconsistency of Name and Account Number: You acknowledge and agree that when you (or your authorized representative) provide us with a name and account number in order for us to process a Wire Transfer, payment may be made by the beneficiary's/designated recipient's bank solely on the basis of the account number, even if the account number identifies a person different from the beneficiary so named. We or an intermediary bank may send a Wire Transfer to an intermediary bank or beneficiary's/designated recipient's bank based solely on the bank identifying number, even if the payment order indicates a different name. We may rely on all information contained in the Wire Transfer Request, regardless of who may have provided the information. You further agree that your obligation to pay the amount of a Wire Transfer to us is not excused in such circumstances. Except as provided by applicable law, any losses resulting from an incorrect account number or your misidentification of the beneficiary/designated recipient is your responsibility and not ours.
Acceptance and Execution of Request by Capital One: A Wire Transfer Request is considered accepted by us when we execute it. Please refer to the “Cut-Off Times” section for more details. You can verify whether your Wire Transfer Request has been executed by calling us at 1-888-464-0727.
Payment to Capital One: You must pay us the amount of the Wire Transfer, plus any applicable fees, before we will execute the Wire Transfer Request. Please contact the Call Center for fees applicable to Wire Transfers and any other related pre-payment disclosures.
Rejection of a Wire Transfer: We have no responsibility to accept any incoming Wire Transfer(s) for your benefit. Likewise, we have a right to reject any Wire Transfer Request(s) for an outgoing Wire Transfer for reasons including, but not limited to, insufficient or uncollected funds in the account specified in the Wire Transfer Request, a request that fails the security procedures outlined in the section on Security Procedures, our inability to execute the Wire Transfer for the reasons set out in the section of this agreement entitled Method Used to Make the Wire Transfer above, or if we are unable to verify the authenticity of the Wire Transfer Request. If we stop a domestic outgoing Wire Transfer, we will refund the fee.
Notice of a Wire Transfer Not Executed: If we determine, in our sole discretion, not to honor, execute, or accept a Wire Transfer Request, we will endeavor to notify you, but we shall have no liability for delay or failure to do so. We will also endeavor to notify you promptly if a Wire Transfer is returned to us after its execution but shall have no liability by reason of our delay or failure to do so. We shall have no obligation to resend a Wire Transfer if we complied with the original Wire Transfer Request and such Wire Transfer was returned to us.
Cancellation or Amendment of Wire Transfer: Once we receive a Wire Transfer Request, it may not be able to be canceled or amended. However, at our discretion, we may use reasonable efforts to act on any request for cancellation or amendment, provided that the method by which we are notified of a request for cancellation or amendment complies with our security procedures. However, we shall have no liability if such cancellation or amendment is not affected. You agree to indemnify and hold us harmless from any and all liabilities, claims, damages, costs, and expenses we may incur in attempting to cancel or amend the Wire Transfer. Any cancellation or amendment of a Wire Transfer by us shall relieve us of any obligation to act on the original Wire Transfer Request.
Account Statements: Except as provided by applicable law, you agree that we are not required to provide you with a separate notice of incoming or outgoing Wire Transfer. All Wire Transfers will be reflected on your periodic bank statement. You should review your statement for any discrepancies, unauthorized transactions, or errors in connection with any Wire Transfers. Except as otherwise provided herein, if you think a Wire Transfer is wrong or if you need more information about a Wire Transfer, you must contact us in writing upon discovery of the error or within fourteen (14) days from the date your statement is postmarked or otherwise made available to you, whichever is earlier. Failure to do so will relieve us of any obligation to pay interest on the amount of an unauthorized or erroneous Wire Transfer for which we are liable. Furthermore, you will also be liable to us for any damages or losses we may incur as a result of your failure to notify us within the time period stated in this section.
Change in Authorized Representative: Any changes in the authority of persons authorized to make a Wire Transfer on your behalf shall not be binding upon us until we have received written notice from you. The notice must be in a form acceptable to us and be given within a reasonable period of time for us to act upon the change.
Duty of Reasonable Care: We shall exercise good faith and reasonable care in processing Wire Transfer Requests. You shall similarly exercise good faith and reasonable care in observing and maintaining security procedures, in communicating Wire Transfer Requests to us, and in reviewing periodic bank statements for any discrepancies.
Liability of Capital One: We shall be responsible only for performing the Wire Transfer Service expressly provided for in this Agreement; provided however, we shall be liable only for our own gross negligence or willful misconduct in performing such service. We shall not be liable to any third party or for any act or omission of yours or any third party, including, but not limited to, third parties used by us in executing a Wire Transfer or performing a related act and no such third party shall be deemed to be our agent. IN NO EVENT SHALL WE BE LIABLE FOR ANY DAMAGES OF ANY KIND INCLUDING WITHOUT LIMITATION DIRECT, INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOST PROFITS, LOSSES OR EXPENSES ARISING OUT OF OR IN CONNECTION WITH THE WIRE TRANSFER SERVICE, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SAME. Except as otherwise provided by applicable law, the maximum period for which we shall be liable for interest on any amount to be refunded or paid to you with respect to an unauthorized, erroneous, or other Wire Transfer Request is thirty days.
Interest Compensation: In the event we are liable to you for interest compensation under this Agreement, or applicable law, interest shall be calculated at the average of the federal funds rate published by the Federal Reserve Bank for the period involved; or at such other rate that we may agree to, in writing, from time to time.
Liability of the Customer: Except as otherwise provided by law, you shall be liable for any loss or damage to which your negligence contributed or which resulted in unauthorized, fraudulent, or dishonest acts by your current and/or former authorized representatives. Such liability includes instances when a current or former authorized representative effects one or more Wire Transfers or improper use of telephone security procedures to effect a Wire Transfer to your detriment.
Compliance with Anti-Money Laundering and Exchange Control Regulations and OFAC Enforced Sanctions:
You covenant with us to observe all Anti-Money Laundering and Exchange Control laws and regulations including economic and trade sanctions promulgated by the Office of Foreign Assets Control of the U.S. Department of Treasury in relation to any Wire Transfer, and you will use all reasonable endeavors to assist us to do likewise. In particular, you covenant that the information given to us by you is accurate. We may disclose any information given to us that we in our sole discretion think necessary or desirable to disclose; except we will only disclose confidential information if required by law, a court, or legal, regulatory, or governmental authority, or as permitted by law in order to combat, prevent, or investigate issues arising under anti-money laundering laws, economic sanctions, or criminal law.
Sometimes legal, regulatory, or governmental authorities require additional information, either in respect of individuals, entities, or particular transactions. You agree to promptly supply all such information, which any such authority may require, and/or which we may be required to supply, in relation to the individual, entity, or particular transaction.
If you, or your authorized representative, breach any such laws or regulations, you irrevocably agree that we may retain any monies or funds transmitted to us pursuant to this Agreement and/or not fulfill any Wire Transfer Request if we are required to take or refrain from such action by any legal, regulatory, or governmental authority or if we reasonably believe that such action may violate any laws or regulations described herein, and such monies shall not bear interest against us. You further agree that we may pay such monies to the appropriate legal, regulatory, or governmental authority, if and when required by law.
Indemnification: In consideration of Capital One agreeing to accept Wire Transfer Requests in the manner set forth herein, you shall forever indemnify and hold Capital One, its officers, directors, shareholders, employees, successors, predecessors, representatives, principals, agents, assigns, parents, subsidiaries and/or insurers harmless from and against all liability, claims, damages, costs, claims, or expenses (including reasonable attorneys' fees) that we may incur without regard to the merit or lack thereof, arising out of, or related in any way to the matters set forth herein, or to the Wire Transfer Service, which shall be provided pursuant to the terms of this Agreement. Your agreement to indemnify us and hold us harmless shall survive the expiration and/or termination of this Agreement and all provisions contained herein.
Recording of Communication: You agree that all telephone conversations made in connection with the Agreement may be recorded and retained by us.
Termination of Agreement: We may terminate the right to make Wire Transfers at any time or amend or change the terms of this Agreement or cancel this Agreement without advance notice to you.
Agreement Controls: Both you and Capital One will be bound by this Agreement. If there is a conflict between this Agreement and something said by one of our employees, you agree that this Agreement controls. This Agreement and the terms of the Account Agreement(s) related to your deposit accounts, which are incorporated herein by reference, constitute the entire Agreement between you and us regarding your use of the Wire Transfer Service. If any inconsistency exists between the account disclosure statements and agreement(s) and this Agreement, then the terms of this Agreement shall control. No representation or statement not expressly contained in this Agreement or in any amendment hereto shall be binding upon you or us.
Governing Law: All actions arising out of or concerning the Wire Transfer Service or these terms and conditions shall be heard by a judge sitting without a jury. In any such action, Capital One shall be entitled to its reasonable attorneys' fees. The Wire Transfer Service and these terms and conditions shall be governed by the internal laws of the State of Virginia without regard to its conflicts of rules and the laws of the United States.
Severability: In the event that any court or tribunal of competent jurisdiction determines that any provision of the Agreement is illegal, invalid, or unenforceable, the remainder of this Agreement shall not be affected thereby.