Deposit Process Sample Clauses
The Deposit Process clause outlines the procedures and requirements for handling deposits in a contractual arrangement. It typically specifies the amount to be paid, the timing of the payment, and the method by which the deposit should be delivered, such as via bank transfer or check. This clause may also address what happens to the deposit in various scenarios, such as cancellation or breach of contract. Its core function is to ensure both parties understand the expectations and obligations regarding the deposit, thereby reducing the risk of disputes and providing financial security for the transaction.
Deposit Process. A cash transmittal report should be prepared listing the cash and checks received with any back up documentation and the canary copies from the receipt book along with a calculator tape of the total of the checks being deposited. All checks should be rechecked for restrictive endorsement. Cash, checks and the cash transmittal report should be taken to the cashier’s window the same date as the receipts for deposit into the departments’ university Banner FOAP. In the event that it is impracticable to make the deposit at the cashier’s window the same date as the sale, the deposit should be made on the next business day. The cash, checks and back up documentation should be locked up securely for safekeeping in preferably a combination safe. The cash transmittal report may be accessed at the Treasurer’s Office website ▇▇▇▇://▇▇▇▇.▇▇▇▇▇▇.▇▇▇/dotAsset/153439.pdf .
Deposit Process. You may submit only (1) check image at a time for deposit and the check image must be accompanied by all requested deposit information that matches the information on the check image. Check images must be properly payable to you, contain the drawer’s signature, and be properly endorsed by you. You agree you will only deposit checks you possess as a holder in due course. You shall review checks to detect altered or counterfeit items and shall not deposit suspicious checks via Mobile Deposit. You shall provide suspicious checks, in person, to PSB for inspection. You agree to follow any and all other procedures and instructions for use of Mobile Deposit that PSB may implement. If you do not, PSB will have the right to put a hold on and/or reject the non‐conforming check.
Deposit Process