Deposit Processing Clause Samples
The Deposit Processing clause outlines the procedures and requirements for handling deposits made under an agreement. It typically specifies how and when deposits must be paid, the acceptable methods of payment, and the conditions under which the deposit will be held, applied, or refunded. For example, it may require a buyer to submit a deposit within a certain timeframe and detail how the deposit is credited toward the final purchase price or forfeited if the transaction does not proceed. This clause ensures both parties understand the expectations and safeguards regarding deposit funds, reducing the risk of disputes over payment timing or refund eligibility.
Deposit Processing. Scanning and submitting Check Image deposits does not constitute receipt of the deposit by Kentucky Bank. Generally, Check Image deposits received prior to 2:30 p.m., Eastern Standard Time are processed on the Business Day of receipt. Any Check Image deposit received after this time or on Saturdays, Sundays, and holidays when Kentucky Bank is closed will be processed on the next Business Day. Acknowledgment that your Check Image deposit has been received by Kentucky Bank does not mean that the Check Image deposit was received error free.
Deposit Processing. Photographing and submitting Check Image deposits does not constitute receipt of the deposit by Bank. Generally, Check Image deposits received prior to 7:00 p.m. Eastern Time (ET) are processed on the Business Day of receipt. Any Check Image deposit received after 7:00 p.m. ET on a Business Day or on a day other than a Business Day will be processed on the next Business Day. Acknowledgement that your Check Image deposit has been received by Bank does not mean that the Check Image deposit was received error free.
Deposit Processing. Scanning and submitting check image deposits does not constitute receipt of the deposit by Bank of the West. Generally, check image deposits received prior to 3:00 pm., Central Standard Time are processed on the business day of receipt. Any check image deposit received after this time or on Saturdays, Sundays, and holidays when Bank of the West is closed will be processed on the next business day. Acknowledgement that your check image deposit has been received by Bank of the West does not mean that the check image deposit was received error free.
Deposit Processing. Photographing and submitting check image deposits does not constitute receipt of the deposit by Rancho FCU. Generally, check image deposits received prior to 3:00 p.m. Pacific Time (PT) are processed on the Business Day of receipt. Any check image deposit received after 3:00 p.m. PT on a Business Day or on a day other than a Business Day will be processed on Rancho FCU's next Business Day. Acknowledgment that your check image deposit has been received by Rancho FCU does not mean that the check image deposit was received error free. All deposits are subject to review before final credit is issued.
Deposit Processing. On each banking day, Bank shall process the checks, drafts and money orders (collectively "Items") received in the Lockbox and shall deliver deposit advices to Client.