Common use of Check Deposits Clause in Contracts

Check Deposits. After we accept a check for deposit, we will attempt, acting on your behalf, to collect the funds from the financial institution on which it is drawn. We will exercise ordinary care when collecting on your behalf, but we are not responsible for errors, lost items or delays made by others in this collection process. Our Right Not to Accept Deposits: We may refuse, accept for collection only, or return all or part of any deposit, at any time, including, but not limited to: Deposit Adjustments and Errors Adjustments: We may make adjustments to your account to correct a deposit error, in our sole discretion. For example, if we determine that there is a discrepancy between the declared amount on a deposit form or other instruction and the actual amount of the funds, we may adjust (debit or credit) your account for the deposit error. It is your responsibility to ensure that the amount you declare with your deposit is accurate. Overpayments and Mistaken Deposits: If funds to which you are not entitled are credited to your account by mistake or otherwise, we may, in our discretion, deduct the amount of these funds from your account, even if the deduction results in an overdraft, without giving you any prior notice or demand. ACH Transfers Foreign Checks and Other Collection Items Collection-Only Items: We may accept checks payable in foreign currencies or payable at foreign locations, and other items on a collection basis only instead of treating them as ordinary deposits. Accepting an item on a collection basis only means that your account is typically not credited for the item until we receive payment for it from the financial institution on which it is drawn. If we elect to credit your account before then, we may deduct the amount of the item from your account if we do not receive payment for any reason. Fees: Financial institutions in the collection process and the financial institution on which the collection item is drawn may charge you fees in connection with sending and receiving items for collection, which we may pay and charge to your account. Foreign Currency Exchange: With foreign items, you agree that we or our correspondent bank may apply a foreign currency exchange rate to convert the proceeds into U.S. Dollars. The foreign exchange rate may include a spread, commission and other costs, and may differ from rates quoted elsewhere. When we receive payment, we will credit your account for the amount we receive in U.S. Dollars, minus any applicable fees. Returns of Deposited Items Returns: If a cashed, deposited or a collection item is returned unpaid to us at any time and for any reason, whether or not the return is proper or timely, we may accept that return and charge your account (or any other account you have with us) for the amount of the returned item, plus accrued or earned interest, if any, without prior notice to you. We may, at our discretion, send the unpaid item back to the financial institution on which the item is drawn or other financial institution in the collection process, in an attempt to collect the funds, without notifying you that the item was returned. You waive any notice of dishonor and protest. We will not be liable to you for any loss or damage you may incur as a result of our not notifying you when the item was first returned.

Check Deposits. After we accept a check for deposit, we will attempt, acting on your behalf, to collect the funds from the financial institution on which it is drawn. We will exercise ordinary care when collecting on your behalf, but we are not responsible for errors, lost items or delays made by others in this collection process. Our Right Not to Accept Deposits: We may refuse, accept for collection only, or return all or part of any deposit, at any time, including, but not limited to: Deposit Adjustments and Errors Adjustments: We may make adjustments to your account to correct a deposit error, in our sole discretion. For example, if we determine that there is a discrepancy between the declared amount on a deposit form or other instruction and the actual amount of the funds, we may adjust (debit or credit) your account for the deposit error. It is your responsibility to ensure that the amount you declare with your deposit is accurate. Overpayments and Mistaken Deposits: If funds to which you are not entitled are credited to your account by mistake or otherwise, we may, in our discretion, deduct the amount of these funds from your account, even if the deduction results in an overdraft, without giving you any prior notice or demand. ACH Transfers Foreign Checks and Other Collection Items Collection-Only Items: We may accept checks payable in foreign currencies or payable at foreign locations, and other items on a collection basis only instead of treating them as ordinary deposits. Accepting an item on a collection basis only means that your account is typically not credited for the item until we receive payment for it from the financial institution on which it is drawn. If we elect to credit your account before then, we may deduct the amount of the item from your account if we do not receive payment for any reason. Fees: Financial institutions in the collection process and the financial institution on which the collection item is drawn may charge you fees in connection with sending and receiving items for collection, which we may pay and charge to your account. Foreign Currency Exchange: With foreign items, you agree that we or our correspondent bank may apply a foreign currency exchange rate to convert the proceeds into U.S. Dollars. The foreign exchange rate may include a spread, commission and other costs, and may differ from rates quoted elsewhere. When we receive payment, we will credit your account for the amount we receive in U.S. Dollars, minus any applicable fees. Returns of Deposited Items Returns: If a cashed, deposited or a collection item is returned unpaid to us at any time and for any reason, whether or not the return is proper or timely, we may accept that return and charge your account (or any other account you have with us) for the amount of the returned item, plus accrued or earned interest, if any, without prior notice to you. We may, at our discretion, send the unpaid item back to the financial institution on which the item is drawn or other financial institution in the collection process, in an attempt to collect the funds, without notifying you that the item was returned. You waive any notice of dishonor and protest. We will not be liable to you for any loss or damage you may incur as a result of our not notifying you when the item was first returned.

Check Deposits. After we accept a check for deposit, we will attempt, acting on your behalf, to collect the funds from the financial fnancial institution on which it is drawn. We will exercise ordinary care when collecting on your behalf, but we are not responsible for errors, lost items or delays made by others in this collection process. Our Right Not to Accept Deposits: We may refuse, accept for collection only, or return all or part of any deposit, at any time, including, but not limited to: Deposit Adjustments and Errors Adjustments: We may make adjustments to your account to correct a deposit error, in our sole discretion. For example, if we determine that there is a discrepancy between the declared amount on a deposit form or other instruction and the actual amount of the funds, we may adjust (debit or credit) your account for the deposit error. It is your responsibility to ensure that the amount you declare with your deposit is accurate. Overpayments and Mistaken Deposits: If funds to which you are not entitled are credited to your account by mistake or otherwise, we may, in our discretion, deduct the amount of these funds from your account, even if the deduction results in an overdraft, without giving you any prior notice or demand. ACH Transfers Foreign Checks and Other Collection Items Collection-Only Items: We may accept checks payable in foreign currencies or payable at foreign locations, and other items on a collection basis only instead of treating them as ordinary deposits. Accepting an item on a collection basis only means that your account is typically not credited for the item until we receive payment for it from the financial fnancial institution on which it is drawn. If we elect to credit your account before then, we may deduct the amount of the item from your account if we do not receive payment for any reason. Fees: Financial institutions in the collection process and the financial institution on which the collection item is drawn may charge you fees in connection with sending and receiving items for collection, which we may pay and charge to your account. Foreign Currency Exchange: With foreign items, you agree that we or our correspondent bank may apply a foreign currency exchange rate to convert the proceeds into U.S. Dollars. The foreign exchange rate may include a spread, commission and other costs, and may differ from rates quoted elsewhere. When we receive payment, we will credit your account for the amount we receive in U.S. Dollars, minus any applicable fees. Returns of Deposited Items Returns: If a cashed, deposited or a collection item is returned unpaid to us at any time and for any reason, whether or not the return is proper or timely, we may accept that return and charge your account (or any other account you have with us) for the amount of the returned item, plus accrued or earned interest, if any, without prior notice to you. We may, at our discretion, send the unpaid item back to the financial institution on which the item is drawn or other financial institution in the collection process, in an attempt to collect the funds, without notifying you that the item was returned. You waive any notice of dishonor and protest. We will not be liable to you for any loss or damage you may incur as a result of our not notifying you when the item was first returned.