(a). Description
(b). Security Procedure
(c). Reliance on Information Provided; Inconsistency of Name and Number; Complete and Accurate Information
(d). Transmission Method
(e). Refund
(f). Errors and Liability
(g). Recurring and Future-Dated Orders
(h). Cancellation and Amendment
(i). Fees and Taxes
(j). Currency
(k). Additional Terms Governing Outgoing Consumer International Wires Only
8(a). Description
The Wells Fargo digital wire transfer service ("Wire Transfers") allows you to send money online to both personal and business accounts in the U.S. and in many countries. When you use Wire Transfers, you can instruct us to transfer funds by wire from your Eligible Account that you use to fund an online wire transfer ("Wires Funding Eligible Account"), with such instruction being an "Order". The following provisions supplement your applicable Wires Funding Eligible Account agreement. If there is any conflict between these provisions and your Wires Funding Eligible Account agreement, these provisions will control with respect to Wire Transfers.
You understand and agree that the provisions of Section 2(b) will apply to Wire Transfers.
Outgoing Consumer International Wires (as defined below in Section 8(k)) are subject to certain additional protections under federal law relating to liability, disclosures, cancellation rights, and error resolution procedures.
8(b). Security Procedure
You agree that we will use the security procedure described in this section (“Security Procedure”) to verify the authenticity of an Order initiated on the Website from your Wires Funding Eligible Account. The Security Procedure consists of verifying your username and a password, and/or such other additional security and authentication methods as we may require from time to time. We may also require you to answer security questions, use random number generators, or one-time passcodes to further verify an Order initiated on the Website from your Wires Funding Eligible Account. Wells Fargo leverages and employs the username and password standards set forth in Section 16(b), and you agree to protect your username and password pursuant to Section 16(d).
Pursuant to Uniform Commercial Code Article 4A-202(b), the purpose of the Security Procedure is to verify the authenticity of an Order delivered to us in your name and not to detect errors in the transmission or content of an Order. You agree the Security Procedure is commercially reasonable and is a satisfactory method of verifying the authenticity of Orders initiated on the Website from your Wires Funding Eligible Account.
You agree to be bound by any Order that Wells Fargo receives and verifies following the Security Procedure, even if the Order was not authorized by you. You agree that we may be liable only for the minimum damages required to be paid under Uniform Commercial Code Article 4A. In no event will we be liable for any exemplary, special, indirect, or consequential loss, damage, costs, or expense of any nature, including lost profits, even if we have been informed of the possibility of such damages, except as may be required by law or regulation. In no event will Wells Fargo be liable for attorney’s fees. This Section 8(b) will control as the Security Procedure with respect to Orders for Wire Transfers instead of Section 16(c) below.
8(c). Reliance on Information Provided; Inconsistency of Name and Number; Complete and Accurate Information
If an Order describes the person to receive the wire transfer ("Beneficiary") inconsistently by name and account number, both Wells Fargo and the Beneficiary’s bank will process the wire transfer on the basis of the account number even if the account number identifies a person different from the Beneficiary. If a wire transfer request describes a financial institution inconsistently by name and identification number, the identification number may be relied upon as the proper identification of the financial institution. You acknowledge that you are responsible for providing Wells Fargo with all information required by the Beneficiary's bank, including the reason for payment, if required. Sending wires without the required information can cause the wire to be delayed, returned, or assessed additional fees. You further acknowledge the Beneficiary account number and Beneficiary's bank identification number (e.g., IBAN, RTN, IRC, and/or SWIFT BIC) you provide in connection with an Order will be complete and accurate, and you understand you could lose the transfer amount if the information is incorrect.
8(d). Transmission Method
We may send an Order by wire, telegraph, telephone, cable, or whatever other transmission method we consider to be reasonable. Wells Fargo may transmit an Order directly to the Beneficiary's bank, or indirectly to the Beneficiary's bank through another bank, government agency, or other third party that Wells Fargo considers to be reasonable. Wells Fargo may utilize any reasonably selected funds transfer system or intermediary bank. You agree that your Order will also be governed by the applicable operating rules and other governing documents for the applicable funds transfer system. If there is a conflict between those operating rules and the provisions in Section 8, these provisions will govern.
Our rights and obligations regarding Orders will be governed solely by the provisions in Section 8, this Agreement, your Wires Funding Eligible Account agreement, and, to the extent applicable, federal law and the state laws governing your account. All Orders will be subject to the rules and regulations of any funds transfer system used by Wells Fargo, as amended from time to time.
8(e). Refund
If the Beneficiary's bank does not pay the Beneficiary specified on the Order, a refund will be made only if, and after, we receive confirmation of the effective cancellation of the Order and we are in free possession of the funds debited or earmarked in connection with the Order. Any charges assessed by the Beneficiary bank or intermediary bank related to the return will be deducted from any refund. For refunds of Orders payable in Foreign Currency, please see Section 8(j) below, for additional information. For additional terms governing Outgoing Consumer International Wires, please see Section 8(k) below.
8(f). Errors and Liability
Any action Wells Fargo takes to detect an erroneous Order or to attempt to detect an unauthorized Order, will be taken at Wells Fargo's sole discretion. No matter how many times Wells Fargo takes this action, it will not become part of Wells Fargo's standard procedures for attempting to detect such erroneous or unauthorized Orders, and Wells Fargo will not in any situation be liable for failing to take or to correctly perform the action. You agree that Wells Fargo may delay your Order if Wells Fargo detects it as erroneous or unauthorized.
Wells Fargo is only responsible for making a good faith effort to execute your Orders and will only be responsible for performing the services specified in the provisions in Section 8 with ordinary care. Unless prohibited by law, Wells Fargo will only be liable for its negligence or willful misconduct. Wells Fargo will not be liable for any loss or damage due to the method of transmission selected by Wells Fargo, or a third party's, including Beneficiary's bank's failure, delay, or error in processing an Order. Wells Fargo will not be liable for any delay or failure to perform if the delay or failure results from any cause beyond its reasonable control. IN NO EVENT WILL WELLS FARGO HAVE ANY LIABILITY FOR CONSEQUENTIAL, SPECIAL, PUNITIVE, OR INDIRECT LOSS OR DAMAGE WHICH YOU MAY INCUR IN CONNECTION WITH THE SERVICE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL WELLS FARGO BE LIABLE FOR ATTORNEY’S FEES.
If Wells Fargo is notified that it did not transfer the full amount stated in an Order, Wells Fargo's sole liability will be to correct the error as required by applicable law. If Wells Fargo executes an instruction in excess of the amount stated in an Order, to the extent that you, as the originator of the Order (the "Originator") do not receive the benefit of the Order, Wells Fargo will only be liable for any loss of the principal amount transferred in excess of the amount stated in the Order instructions. Additionally, Wells Fargo will be liable for the amount of interest the Originator has lost due to the transfer of the excess amount, computed at the then current Federal Funds rate. However, Wells Fargo's liability for loss of interest shall be limited to twenty (20) calendar day's interest.
If you identify any errors in an Order, or unauthorized activity on your funding account, please contact Online Customer Service immediately at 1-800-956-4442 (contact 1-888-215-3904 for issues with an Order from a brokerage account). Wells Fargo will not be responsible for any delays in payment or additional fees caused by your failure to promptly notify us. You will exercise ordinary care to determine whether an Order accepted by Wells Fargo was either erroneous or not authorized. In the event of an erroneous or unauthorized Order, you agree to notify us by the earlier of: (i) 14 days after you receive notice from Wells Fargo that the Order was accepted or (ii) 14 days after you receive notice that your account was debited or credited with respect to the Order. You agree that Wells Fargo is entitled to retain payment for an Order unless you notify us within this 14-day period.
For additional terms governing Outgoing Consumer International Wires, please see Section 8(k) below.
8(g). Recurring and Future-Dated Orders
You may schedule Orders (“Preauthorized Orders”) for recurring or future-dated Wire Transfers (“Preauthorized Wire Transfers”). When submitting Preauthorized Orders, please allow enough time for your recipient to receive your Preauthorized Wire Transfer. To avoid incurring a finance or other charge imposed by your recipient, you must schedule a Preauthorized Order sufficiently in advance of the payment due date, so that the delivery date is before the payment due date.
8(h). Cancellation and Amendment
Except for the 30-minute cancellation window for Outgoing Consumer International wires set forth below and the cancellation window for Preauthorized Wire Transfers described below, an Order is final and cannot be canceled or changed by you. However, at your request, Wells Fargo can attempt to cancel or change an Order, but we will not be liable if we are unable to do so. You authorize Wells Fargo to cancel or reject an Order, in our sole discretion, without liability to you. You understand and agree that Wells Fargo’s decision to cancel or reject an Order may be based on confidential information that we may not be able to share with you. Nothing herein creates a duty for Wells Fargo to monitor or review wires beyond that which is required under applicable law. For additional terms governing Outgoing Consumer International Wires, please see Section 8(k) below.
Preauthorized Wire Transfers that are in pending status cannot be canceled or stopped. You may cancel Preauthorized Wire Transfers as long as we receive the request before the process date or other applicable cut-off time of the one-time Preauthorized Wire Transfer or the next scheduled recurring Preauthorized Wire Transfer. For recurring Preauthorized Wire Transfers associated with a Preauthorized Order, you may cancel only the next scheduled Preauthorized Wire Transfer or the entire recurring Preauthorized Wire Transfer schedule for that Preauthorized Order. After the Preauthorized Wire Transfer schedule for a Preauthorized Order is canceled, all future Preauthorized Wire Transfers associated with that Preauthorized Order will be canceled and you must schedule a new Preauthorized Order if you want Preauthorized Wire Transfers to be made in the future. You may cancel Preauthorized Wire Transfers by logging on to the Website or by contacting us at Wells Fargo Online Customer Service at 1-800-956-4442.
8(i). Fees and Taxes
You agree to pay the Wire Transfers fees in the amounts and manner disclosed to you. A copy of Wells Fargo's current fee schedule is also available to you on request. You also agree to pay taxes that are applicable to Wire Transfers (exclusive of taxes based on net income of Wells Fargo), as well as any other additional fees that may apply. Additional fees can be charged to the Wires Funding Eligible Account or deducted from the transfer amount, as applicable, and may include, but are not limited to: an additional fee for bank initiated transactions, statement fees, fees assessed by beneficiary and intermediary banks, etc.
Note that your mobile carrier's message and data rates may apply.
8(j). Currency
An Order expressed in U.S. Dollars will be sent in U.S. Dollars. You may request that prior to executing an Order, Wells Fargo convert the amount to be transferred from U.S. Dollars to the currency of a designated foreign government or intergovernmental organization ("Foreign Currency"). Prior to initiating a wire, you should confirm that your beneficiary can receive the currency you select in your Order. If you do not do so, your Order may be rejected or additional fees and currency conversion charges may apply, if the beneficiary's account is in a different currency.
In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The applicable exchange rate does not include, and is separate from, any applicable fees. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. Different customers may receive different rates for transactions that are the same or similar. The applicable exchange rate may vary based on such factors including, but not limited to, currency pair, transaction size, payment channel, and product type, such as foreign currency cash, checks, remittances, and wire transfers. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. Wells Fargo is your arms-length counterparty on foreign exchange transactions. We may refuse to process any request for a foreign exchange transaction.
Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. dollars using the applicable exchange rate without prior notice to you.
If your outgoing international wire transfer is returned to Wells Fargo, you may be credited back a lesser amount than the amount that was originally debited for your initial outgoing wire transfer. Fee(s) may be charged by Wells Fargo or other financial institutions (for instance, by beneficiary and intermediary banks) when a wire is returned. As a result, the amount of your returned wire may be different than the amount you originally sent due to fees deducted. In addition, when a returned foreign currency wire is converted back to U.S. dollars, the U.S. dollar amount credited back to you may be less than the original amount we debited from your account due to fluctuation in the applicable exchange rate. You accept the risks of any unfavorable change in the applicable exchange rate. Wells Fargo will not be liable to you for a sum in excess of the amount that was originally debited for your initial outgoing wire transfer after it has been converted back to the original currency, even if there are favorable changes in the foreign exchange markets.
8(k). Additional Terms Governing Outgoing Consumer International Wires Only
This Section contains additional terms applicable only to Orders initiated by a natural person in the United States to transfer funds from a consumer Wires Funding Eligible Account to a Beneficiary in a foreign country for personal, family, or household purposes (each, an "Outgoing Consumer International Wire"). 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. In the event of a conflict between a provision in this Section, and another provision in the Agreement or Eligible Account agreement for your Wires Funding Eligible Account, this Section 8(k) will control with respect to Outgoing Consumer International Wires.
Prior to sending an Outgoing Consumer International Wire, Wells Fargo 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 Wells Fargo, the total amount of the transaction, the exchange rate to be used if applicable, the amount to be transferred, a description of any fees imposed by third parties, and the amount that will be received by the Beneficiary. If you choose to send your Order in Foreign Currency, the amount to be transferred, a description of any fees imposed by third parties, and the amount that will be received by the Beneficiary will be disclosed in the Foreign Currency. Once you complete your transaction, you will receive a receipt that includes the above information, as well as the date of availability, error resolution and cancellation right information, and other disclosures.
You have a right to cancel an Outgoing Consumer International Wire for a full refund of all amounts paid, including fees, within 30 minutes of completing it. To cancel, either select the available "Cancel" option within Wire Transfers, or call the cancellation phone number provided to you on your receipt at the time of your request.
In the event that you believe an error has occurred with respect to an Outgoing Consumer International Wire, you must notify Wells Fargo 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 the Wire Transfers team at 1-855-339-6655 or contact your banker. If you fail to notify us within this time period, Wells Fargo 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 Outgoing Consumer International Wire; and (d) the error or problem with the wire transfer, and why you believe it is an error or problem.
Wells Fargo will determine whether an error occurred within 90 days after you contact us, and we will correct any error promptly. We will contact you with the results within three Business Days of completing our investigation and making our determination. If we identify that there was no error, or an error occurred that is different from the one you described, Wells Fargo will send you a written explanation. You may ask for copies of any documentation we used in our investigation. For more information about your error resolution and cancellation rights, you may access Consumer International Wire Error Resolution and Cancellation Rights (PDF).
With respect to Outgoing Consumer International Wires, such a wire is a "remittance transfer" as defined in Regulation E, Subpart B, and will be governed by the laws of the United States and, to the extent applicable, the laws of the state of New York, including New York's version of UCC 4A, without regard to its conflict of laws principles.
Except as otherwise agreed in writing, Wells Fargo is liable only for damages required to be paid as provided under Regulation E, subpart B or, to the extent applicable, UCC 4A (except as expressly modified by this Agreement). Except as required by Regulation E, subpart B, Wells Fargo 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 Wells Fargo's agent.