Common use of Checking Services Clause in Contracts

Checking Services. Credit Union checks will be charged to your checking or eligible money market account, just like any other withdrawal. Generally, using Credit Union checks need not cost you more than the cost of personalized checks. Paid checks are not returned, but are electronically stored and held in safekeeping. If you use duplicate checks, the check copy along with the statement documenting its payment, should be sufficient to prove payment. If a copy of the front and back is necessary, it can be obtained quickly for a service charge, as set forth in the Fee Schedule. The Credit Union may pay a check when it is presented for payment, even if it’s postdated. The Credit Union is not liable for any damages caused by the payment of a postdated check despite any statute or ordinances to the contrary. The Credit Union is not obligated to, but may at its sole discretion, pay a check presented more than six months after it is dated. You must notify the Credit Union promptly if any of your checks are lost or stolen. The Credit Union is not required to honor any restrictive legend on items you write unless we have agreed to the restriction in writing signed by an officer of the Credit Union. Examples of restrictive legends include, but are not limited to, “Must be presented within 90 days” or “Not valid for more than $1,000.” exact amount. If you give the Credit Union incorrect or incomplete information, the Credit Union will not be responsible for failing to stop payment on the item. If the stop payment order is not received in time for the Credit Union to act upon the order, the Credit Union will not be liable to you or to any other party for payment of the item. If we re-credit your account after paying a check over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer all of your rights against the payee or other holders of the check to the Credit Union, and to assist the Credit Union in legal action taken against the person.