Common use of Retail Processing Clause in Contracts

Retail Processing. other restrictive language. ▪ Any stale-dated Lockbox Item or post-dated Lockbox Item unless we reasonably determine the post-dated Item would not reach the drawee bank through normal clearing channels until after the date for payment. ▪ Any Lockbox Item with a date exceeding a stated "void after" specified number of days if indicated on the front of the check. ▪ Any Lockbox Item the endorsement and deposit of which we reasonably believe will subject us to a claim or liability unacceptable to us, or which we otherwise determine should not be deposited. ▪ Any Lockbox Item unsigned by a maker or otherwise not authorized by a maker. Unless otherwise provided in your Processing Instructions, the following Lockbox Items will be processed as described below (the “Special Handling Items”): Our Retail Lockbox Service is typically more appropriate for low dollar, high volume payments and include a check and a remittance advice/remittance coupon which can be processed and captured in an automated means by a machine commonly called a transport. Examples of typical retail Lockbox documents are loan payments, credit card bills, utility and medical patient payments. The scan line of the coupon contains the OCR information that has the key elements required for you to apply the remittances to your accounting system and is used to validate the payment item. Bar coding can also be on the coupon in lieu of the OCR scan line. Optional services include stop file services to stop processing of specified payments or customized data capture for unique reporting requirements such as the payment due date or payment type codes. Check negotiability is not performed as part of this Service except for checks received without a coupon. Lockbox Items that reject during processing will be reviewed and corrected when possible and deposited. Payments received without a coupon are reviewed for check negotiability and processed if they meet your Processing Instructions. Lockbox Items that are not processed will be delivered to you.

Retail Processing. other restrictive language. ▪ Any stale-dated Lockbox Item or post-dated Lockbox Item unless we reasonably determine the post-dated Item would not reach the drawee bank through normal clearing channels until after the date for payment. ▪ Any Lockbox Item with a date exceeding a stated "void after" specified number of days if indicated on the front of the check. ▪ Any Lockbox Item the endorsement and deposit of which we reasonably believe will subject us to a claim or liability unacceptable to us, or which we otherwise determine should not be deposited. ▪ Any Lockbox Item unsigned by a maker or otherwise not authorized by a maker. Unless otherwise provided in your Processing Instructions, the following Lockbox Items will be processed as described below (the “Special Handling Items”): Our Retail Lockbox Service is typically more appropriate for low dollar, high volume payments and include a check and a remittance advice/remittance coupon which can be processed and captured in an automated means by a machine commonly called a transport. Examples of typical retail Lockbox documents are loan payments, credit card bills, utility and medical patient payments. The scan line of the coupon contains the OCR information that has the key elements required for you to apply the remittances to your accounting system and is used to validate the payment item. Bar not be deposited. ▪ Any Lockbox Item unsigned by a maker or otherwise not authorized by a maker. coding can also be on the coupon in lieu of the OCR scan line. Optional services include stop file services to stop processing of Unless otherwise provided in your Processing Instructions, the following Lockbox Items will be processed as described below (the “Special Handling Items”): ▪ Undated Lockbox Items will be deposited. ▪ Any Lockbox Item without accompanying invoices or coupons will be deposited if we are able to determine what bank specified payments or customized data capture for unique reporting requirements such as the payment due date or payment type codes. Check negotiability is not performed as part of this Service except for checks received without a coupon. Lockbox Items that reject during processing will be reviewed and corrected when possible account to credit. ▪ Any Lockbox Item that is verified to be correct based on courtesy (numerical) amount matching the remittance amount. ▪ Any Lockbox Item with a discrepancy between the written and numerical amounts will be deposited at the written amount if the discrepancy is caught at the time of processing. If not caught, the item will be deposited at the numeric amount and you will be responsible for the difference. and deposited. Payments received without a coupon are reviewed for check negotiability and processed if they meet your Processing Instructions. Lockbox Items that are not processed will be delivered to you.