Common use of Night Depository Clause in Contracts

Night Depository. The Bank will open the night deposit bag or envelope placed in the night depository on the next banking day following the night of deposit. The night deposit bag or envelope should contain a deposit slip that correctly lists the money, check, draft or other items included in the deposit. The Bank will verify the deposit and credit to the account the amount of the deposit actually received, in accordance with the Bank’s Funds Availability Policy. If there is any discrepancy between the amount of the deposit as shown on the deposit slip and the amount of the deposit actually received, Bank will notify customer of such discrepancy. No relationship of debtor or creditor shall arise between customer and the bank until we open the package and credit the deposit to customer’s account. We will only be liable for the deposit actually received and credited to your account. The joint findings and records of any two employees of the Bank as to the presence or absence of any package in the night depository and as to the contents of the package shall be conclusive and binding upon you. Customer agrees that the use of the night depository is at its sole risk to the extent permitted by law. We will not be responsible for any loss or damage sustained in the use of the night depository resulting from any cause whatsoever, including mechanical defects or a malfunction of the facility itself, unless such damage is caused by our gross negligence. We will not be liable for damages resulting from causes beyond our control. In no event will we be an insurer of the contents of the night deposit bag or envelope deposited by customer in the night depository.