Controlled Disbursement Sample Clauses

Controlled Disbursement. Customer may use reporting tools in Business Online Banking to view the total amount of Checks that have been presented for payment to the designated Account (“Inclearings”) on an intraday basis for each Business Day. Bank relies on clearing information received from the applicable Federal Reserve Bank or other clearing entity, the accuracy and timeliness of which Bank does not control and for which Bank assumes no responsibility or liability. If, for any reason, Bank is not provided with such information, Customer shall estimate the Inclearings for that Business Day. i. Prior to the physical delivery of the actual Inclearings to Bank, Bank will facilitate a preliminary posting of Inclearings (“Memo Post”) to Customer’s Account intraday based on an electronic file of the estimated Inclearings provided by the Federal Reserve Bank each Business Day. During end-of-day processing, Bank will reverse each Memo Post entry and post each physical Item received from the Federal Reserve Bank against the Controlled Disbursement Account. The total of the Checks posted against the Account may or may not equal the Memo Post total from earlier that Business Day.‌ ii. Prior to the close of business each Business Day, Customer will ensure that the Account or an Account that is linked to the designated Account for Controlled Disbursement via a sweep mechanism contains Available Funds in an amount at least equal to the aggregate Inclearings for that Business Day. If the Available Funds in the Controlled Disbursement Account or sweep Account are less than the aggregate Inclearings presented against the Controlled Disbursement Account, Bank will have the right to dishonor one or more of the Checks for which there are not adequate Available Funds.