Common use of Substitute Check Clause in Contracts

Substitute Check. To make check processing faster, federal law permits banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your Account. However, you have rights under other law with respect to those transactions. Substitute Check Image So you will recognize substitute checks when you receive them, we have included an image of a sample substitute check. The numbers listed below the image correspond with the numbers on or near the substitute check image and the corresponding text explains the various components of a substitute check. These numbers correspond with the numbers on the Substitute Check Image: • An image of the original check appears in the upper right-hand corner of the substitute check. • A substitute check is the same size as a standard business check. • The information in asterisks relates to the “reconverting bank”—the financial institution that created the substitute check. • The information in brackets (appears sideways facing check image) relates to the “truncating bank”— the financial institution that took the original check out of the check processing system. • The Legal Legend states: This is a LEGAL COPY of your check. You can use it the same way you would use the original check. • The MICR lines at the bottom of the image of the original and at the bottom of the substitute check are the same except for the “4” at the beginning of the MICR line on the substitute check, which indicates that it is a substitute check being moved forward for collection purposes. It is also possible for the MICR line on the substitute check to begin with a “5” if the item is being returned. The rest of the MICR line is the same as the original check to ensure that it is processed as though it were the original.

Substitute Check. To make check processing fasterIt is the legal equivalent of the original paper check. It is a picture of our original paper check, federal law permits banks to replace original checks with "substitute checks." These checks are turned into an electronic image – similar in size to original checks with a slightly reduced image of the front and back of the original checkimage. The front of a substitute the check states: ", “This is a legal copy of your check. You can use it the same way you would use the original check." You may use a ” A substitute check as proof is the equivalent of payment just like the original checkpaper check with all of the rights and obligations of the original check it replaces. Some or all of the checks that you receive back from us may be substitute checks. This notice describes the rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your Accountaccount. However, you have rights under other law with respect to those transactions. What if There Is an Error Involving a Substitute Check Image So In certain cases, federal law provides a special procedure that allows you will recognize to request a refund for losses you suffer if a substitute checks when check is posted to your account (for example, if you receive them, think that we have included an image withdrew the wrong amount of a sample substitute money from your account or that we withdrew money from your account more than once for the same check). The numbers listed below losses you may attempt to recover from this procedure may include the image correspond with the numbers on or near the substitute check image amount that was withdrawn from your account and the corresponding text explains the various components of fees that were charged as a substitute check. These numbers correspond with the numbers on the Substitute Check Image: • An image result of the original check appears in withdrawal (for example, overdraft fees). The amount of refund under this procedure is limited to the upper right-hand corner amount of your loss or the amount of the substitute check, whichever is less. • A substitute check is You are also entitled to interest on the same size as a standard business check. • The information in asterisks relates to the “reconverting bank”—the financial institution that created the substitute check. • The information in brackets (appears sideways facing check image) relates to the “truncating bank”— the financial institution that took the original check out of the check processing system. • The Legal Legend states: This is a LEGAL COPY amount of your checkrefund if your account is an interest bearing account. You can use it If your loss exceeds the same way you would use the original check. • The MICR lines at the bottom amount of the image of the original and at the bottom of the substitute check are the same except for the “4” at the beginning of the MICR line on the substitute check, which indicates you may be able to recover additional amounts under other laws. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we receive your claim and the remainder (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that it is a substitute check being moved forward for collection purposes. It is also possible for the MICR line on the substitute check was correctly posted to begin with a “5” if the item is being returned. The rest of the MICR line is the same as the original check to ensure that it is processed as though it were the originalyour account.

Substitute Check. To make check processing fasterIt is the legal equivalent of the original paper check. It is a picture of our original paper check, federal law permits banks to replace original checks with "substitute checks." These checks are turned into an electronic image – similar in size to original checks with a slightly reduced image of the front and back of the original checkimage. The front of a substitute the check states: ", “This is a legal copy of your check. You can use it the same way you would use the original check." You may use a ” A substitute check as proof is the equivalent of payment just like the original checkpaper check with all of the rights and obligations of the original check it replaces. Some or all of the checks that you receive back from us may be substitute checks. This notice describes the rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your Accountaccount. However, you have rights under other law with respect to those transactions. What if There Is an Error Involving a Substitute Check Image So In certain cases, federal law provides a special procedure that allows you will recognize to request a refund for losses you suffer if a substitute checks when check is posted to your account (for example, if you receive them, think that we have included an image withdrew the wrong amount of a sample substitute money from your account or that we withdrew money from your account more than once for the same check). The numbers listed below losses you may attempt to recover from this procedure may include the image correspond with the numbers on or near the substitute check image amount that was withdrawn from your account and the corresponding text explains the various components of fees that were charged as a substitute check. These numbers correspond with the numbers on the Substitute Check Image: • An image result of the original check appears in withdrawal (for example, overdraft fees). The amount of refund under this procedure is limited to the upper right-hand corner amount of your loss or the amount of the substitute check, whichever is less. • A substitute check is You are also entitled to interest on the same size as a standard business check. • The information in asterisks relates to the “reconverting bank”—the financial institution that created the substitute check. • The information in brackets (appears sideways facing check image) relates to the “truncating bank”— the financial institution that took the original check out of the check processing system. • The Legal Legend states: This is a LEGAL COPY amount of your checkrefund if your account is an interest-bearing account. You can use it If your loss exceeds the same way you would use the original check. • The MICR lines at the bottom amount of the image of the original and at the bottom of the substitute check are the same except for the “4” at the beginning of the MICR line on the substitute check, which indicates you may be able to recover additional amounts under other laws. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we receive your claim and the remainder (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that it is a substitute check being moved forward for collection purposes. It is also possible for the MICR line on the substitute check was correctly posted to begin with a “5” if the item is being returned. The rest of the MICR line is the same as the original check to ensure that it is processed as though it were the originalyour account.

Substitute Check. To make check processing fasterIt is the legal equivalent of the original paper check. It is a picture of our original paper check, federal law permits banks to replace original checks with "substitute checks." These checks are turned into an electronic image – similar in size to original checks with a slightly reduced image of the front and back of the original checkimage. The front of a substitute the check states: ", “This is a legal copy of your check. You can use it the same way you would use the original check." You may use a ” A substitute check as proof is the equivalent of payment just like the original checkpaper check with all of the rights and obligations of the original check it replaces. Some or all of the checks that you receive back from us may be substitute checks. This notice describes the rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your Accountaccount. However, you have rights under other law with respect to those transactions. What if There Is an Error Involving a Substitute Check Image So In certain cases, federal law provides a special procedure that allows you will recognize to request a refund for losses you suffer if a substitute checks when check is posted to your account (for example, if you receive them, think that we have included an image withdrew the wrong amount of a sample substitute money from your account or that we withdrew money from your account more than once for the same check). The numbers listed below losses you may attempt to recover from this procedure may include the image correspond with the numbers on or near the substitute check image amount that was withdrawn from your account and the corresponding text explains the various components of fees that were charged as a substitute check. These numbers correspond with the numbers on the Substitute Check Image: • An image result of the original check appears in withdrawal (for example, overdraft fees). The amount of refund under this procedure is limited to the upper right-hand corner amount of your loss or the amount of the substitute check, whichever is less. • A substitute check is You are also entitled to interest on the same size as a standard business check. • The information in asterisks relates to the “reconverting bank”—the financial institution that created the substitute check. • The information in brackets (appears sideways facing check image) relates to the “truncating bank”— the financial institution that took the original check out of the check processing system. • The Legal Legend states: This is a LEGAL COPY amount of your checkrefund if your account is an interest-bearing account. You can use it If your loss exceeds the same way you would use the original check. • The MICR lines at the bottom amount of the image of the original and at the bottom of the substitute check are the same except for the “4” at the beginning of the MICR line on the substitute check, which indicates you may be able to recover additional amounts under other laws. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within ten (10) business days after we receive your claim and the remainder (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that it is a substitute check being moved forward for collection purposes. It is also possible for the MICR line on the substitute check was correctly posted to begin with a “5” if the item is being returned. The rest of the MICR line is the same as the original check to ensure that it is processed as though it were the originalyour account.