Common use of Controlled Disbursement Clause in Contracts

Controlled Disbursement. With Controlled Disbursement Services, you may issue items that use the routing number of another financial institution (the controlled disbursement point) that have made arrangements with us. Such items will be paid from an Account that you maintain with us and you agree that we may pay and otherwise treat such items the same as if they were issued using our routing number. The total dollar amount of items received through the controlled disbursement point prior to the cut-off on any banking day (see our Processing Schedule (Exhibit 1)) shall be reported to you via CMO or other mutually agreed method on the day of receipt. Items received after the cut-off or through our teller line will be included in the total for the next banking day.

Controlled Disbursement. ‌ With Controlled Disbursement Services, you may issue items that use the routing number of another financial institution (the controlled disbursement point) that have made arrangements with us. Such items will be paid from an Account that you maintain with us and you agree that we may pay and otherwise treat such items the same as if they were issued using our routing number. The total dollar amount of items received through the controlled disbursement point prior to the cut-off on any banking day (see our Processing Schedule (Exhibit 1)) shall be reported to you via CMO CMO, Business Connect or other mutually agreed method on the day of receipt. Items received after the cut-off or through our teller line will be included in the total for the next banking day.