Common use of Deposit Error Correction Clause in Contracts

Deposit Error Correction. Upon receipt of your deposits, the Bank may provisionally credit your account for the amount declared on the deposit slip, subject to later verification. You must ensure that the amount declared on the deposit slip is correct even if you did not prepare the deposit slip. If the Bank later determines that the amounts declared on the deposit slip are incorrect, the Bank may adjust (debit or credit) your account accordingly. The Bank reports adjustments on your account statement. If CNB cashes or accepts for deposit, a money order, cashier’s check, teller’s check, or similar item, and later learns that the item is fraudulent, counterfeit, or invalid for some other reason, the Bank may charge your account for the amount of the item. This may occur even if the Bank previously provisionally made the funds available to you.