CANCELED CHECKS Clause Samples

CANCELED CHECKS. During the time Bank provides the Image CD Service to you, Bank may, in its sole discretion, retain your paid checks drawn on the Account, or images thereof, for the time required by law, and any paid checks so retained will not be included with your statement. You may request copies of paid checks retained by Bank, subject, except as set forth in Section (b) above, to Bank’s standard fees for such copies in excess of two checks per statement.

CANCELED CHECKS. All checks presented for payment become Bank’s property upon payment. Bank may, at its option, not include Business Customer’s canceled checks in the periodic statement Bank provides to Business Customer. This practice is called truncation. Bank may instead maintain a computer-generated image of the checks. Business Customer’s statement will include the check number, date the check was paid, and amount of the check, and, for statements with check imaging, a computer-generated image of the front of each check. If Business Customer is a Firstrust Online Banking customer, Business Customer may view images of the front and back of the checks using Bank’s website. Firstrust Online Banking is Bank’s Online Banking Service and is further described in Section IV of this Agreement. These images will be posted at the website for a limited time after the checks are listed on the statement. After Bank makes the computer- generated image of the check, the original will be destroyed. Bank will store the computer-generated images of the checks as long as is legally required. At Business Customer’s request, Bank will use its best efforts to provide Business Customer with a copy or computer-generated image of the checks. A fee may be imposed for each copy in accordance with the Commercial Banking Fee Schedule(s). Business Customer agrees that by retaining the computer-generated image of the check and providing Business Customer with an image of the check with the statement, and/or at Bank’s website, Bank has made the check available to Business Customer in a reasonable manner. Business Customer is still responsible for examining its statements and notifying Bank of any errors or unauthorized transactions within the time periods described under the section “Notification of Errors, Unauthorized Signatures, Forgeries, Alterations,” even if Bank images the checks. Like a canceled check, a copy or computer-generated image of a check is legally acceptable as proof of payment and for other record keeping purposes. Computer-generated images are acceptable to the IRS. If for any reason Bank cannot provide a copy of a check, or satisfy Business Customer’s request by other means, Bank may be liable only for the face amount of the check or Business Customer’s actual damage, whichever is less. Bank may also use check imaging for drafts, credit or debit advices or other paper items presented on Business Customer’s Accounts. All image records of the transactions in Business Customer’s Ac...

CANCELED CHECKS. The Bank will not return the canceled checks to the Borrower, but will retain photocopies for eight (8) years. The Borrower agrees to examine the monthly billing statement on the Account promptly in order to identify improper or unauthorized transactions. If the Borrower requests a copy of a check, the Borrower must write a letter to the Bank, including the Account number, the check number and amount, and the date that the check posted to the billing statement. The Bank may charge a fee for providing a copy of checks.