Common use of Automated Processing of Items Clause in Contracts

Automated Processing of Items. You recognize that we have adopted automated collection and payment procedures so that we can process the greatest volume of items at the lowest possible cost to all customers. You authorize and approve of our use of such procedures. These automated procedures rely primarily on information encoded into each item in magnetic ink. In recognition of this fact, you agree that in paying an item or taking an item for collection, we may disregard all information on the item other than the identity of the payor bank, the amount of the item, and any other information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with other information on the item. You agree to reimburse us for any loss or expense we incur because you issue or deposit an item containing such extra information. Furthermore, you agree that we will not be deemed to fail to exercise ordinary care in paying an item solely because our procedures do not provide for review of signatures or other sight examination of items with a face amount below an amount specified by us from time to time. CHECK ORDERS All checks, withdrawal forms, and deposit slips must be on forms obtained through us or which we approve in advance. You are responsible for verifying the accuracy of all information on these forms. Our liability, if any, for any printing errors on the forms obtained through us is limited to the cost of replacement. We will not be responsible or liable for any other loss or damage you sustain. In addition, we are not responsible or liable for any losses or damages you sustain from the use of forms not obtained through us or approved by us in advance, including, but not limited to, your (i) electing to have checks printed by a vendor that we have not approved; (ii) using check stock or security features that do not survive the truncation or reconversion process; (iii) making checks out in such a way (e.g., lightly colored ink) that the information does not survive the truncation or reconversion process; (iv) using check stock that contains printing inaccuracies, faulty magnetic ink, or faulty encoding; or (v) using check stock that contains duplicate serial numbers.

Automated Processing of Items. You recognize If you elect to have your bank documents printed by a vendor that we has not been approved by the Bank, you will be doing so at your own risk. We shall not be liable for processing errors or delays due to printing inaccuracies or faulty magnetic ink encoding of critical data. We have adopted automated collection and payment procedures so that we can process the greatest volume of items at the lowest possible cost to all customers. You authorize and approve of our use of such procedures. These automated procedures rely primarily on involve high-speed automated check processing machines that read information encoded into onto each item in magnetic ink. In recognition of this fact, you agree that in paying an item or taking an item for collection, we may disregard all information on the item other than the identity of the payor bank, the amount of the item, and any other information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with other information on the item. For example, we may rely on the amount of a check as encoded in magnetic ink, even if that encoded amount is greater than the face amount of the check or exceeds the maximum amount for which the check is valid as stated in a legend on the check. You agree that we shall only be liable to reimburse us the extent we shall not have exercised ordinary care for any loss or expense we incur (including, without limitation, attorneys’ reasonable fees and the cost of litigation) incurred because you issue or deposit an item containing extra information such extra information. Furthermore, you agree that we will not be deemed to fail to exercise ordinary care in paying an item solely because our procedures do not provide for review of signatures or other sight examination of items with a face amount below an amount specified by us from time to time. CHECK ORDERS All checks, withdrawal forms, and deposit slips must be on forms obtained through us or which we approve in advance. You are responsible for verifying the accuracy of all information on these forms. Our liability, if any, for any printing errors on the forms obtained through us is limited to the cost of replacement. We will not be responsible or liable for any other loss or damage you sustain. In addition, we are not responsible or liable for any losses or damages you sustain from the use of forms not obtained through us or approved by us in advance, includingas, but not limited to, your (i) electing maximum amount limitations, date limitations, two signature requirements, etc. You acknowledge that our failure to have checks printed examine an instrument shall not in itself be deemed to be a failure to exercise ordinary care unless such failure violates our own prescribed procedures or varies unreasonably from general banking usage not specifically disapproved by a vendor that we have not approved; (ii) using check stock or security features that do not survive Article 4 of the truncation or reconversion process; (iii) making checks out in such a way (e.g., lightly colored ink) that the information does not survive the truncation or reconversion process; (iv) using check stock that contains printing inaccuracies, faulty magnetic ink, or faulty encoding; or (v) using check stock that contains duplicate serial numbersUniform Commercial Code.

Automated Processing of Items. You recognize If you elect to have your bank documents printed by a vendor that we has not been approved by the Bank, you will be doing so at your own risk. We shall not be liable for processing errors or delays due to printing inaccuracies or faulty magnetic ink encoding of critical data. We have adopted automated collection and payment procedures so that we can process the greatest volume of items at the lowest possible cost to all customers. You authorize and approve of our use of such procedures. These automated procedures rely primarily on involve high-speed automated check processing machines that read information encoded into onto each item in magnetic ink. In recognition of this fact, you agree that in paying an item or taking an item for collection, we may disregard all information on the item other than the identity of the payor bank, the amount of the item, and any other information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with other information on the item. For example, we may rely on the amount of a check as encoded in magnetic ink, even if that encoded amount is greater than the face amount of the check or exceeds the maximum amount for which the check is valid as stated in a legend on the check. You agree that we shall only be liable to reimburse us the extent we shall not have exercised ordinary care for any loss or expense we incur (including, without limitation, attorneys' reasonable fees and the cost of litigation) incurred because you issue or deposit an item containing extra information such extra information. Furthermore, you agree that we will not be deemed to fail to exercise ordinary care in paying an item solely because our procedures do not provide for review of signatures or other sight examination of items with a face amount below an amount specified by us from time to time. CHECK ORDERS All checks, withdrawal forms, and deposit slips must be on forms obtained through us or which we approve in advance. You are responsible for verifying the accuracy of all information on these forms. Our liability, if any, for any printing errors on the forms obtained through us is limited to the cost of replacement. We will not be responsible or liable for any other loss or damage you sustain. In addition, we are not responsible or liable for any losses or damages you sustain from the use of forms not obtained through us or approved by us in advance, includingas, but not limited to, your (i) electing maximum amount limitations, date limitations, two signature requirements, etc. You acknowledge that our failure to have checks printed examine an instrument shall not in itself be deemed to be a failure to exercise ordinary care unless such failure violates our own prescribed procedures or varies unreasonably from general banking usage not specifically disapproved by a vendor that we have not approved; (ii) using check stock or security features that do not survive Article 4 of the truncation or reconversion process; (iii) making checks out in such a way (e.g., lightly colored ink) that the information does not survive the truncation or reconversion process; (iv) using check stock that contains printing inaccuracies, faulty magnetic ink, or faulty encoding; or (v) using check stock that contains duplicate serial numbersUniform Commercial Code.