Virtual Vault Services. Bank’s Virtual Vault Service allows Customer to deposit United States currency into a Smart Safe which tallies the amount of currency deposited. Customer may not remove currency from the Smart Safe once it has been inserted. Customer’s Smart Safe is electronically polled at agreed upon intervals to capture deposits. Following each the occurrence of each polling event the Smart Safe will transmit a Virtual Vault Report to Bank. Once currency deposit totals are received by Bank, Customer’s designated Account is given provisional credit for the currency deposits reflected on each Virtual Vault Report. In order to utilize the Virtual Vault Service Customer is required to contract with a third party service provider approved by Bank (the "Virtual Vault Vendor") for the purchase/ lease and installation of the Smart Safe. Customer hereby agrees to comply with its obligations under the Virtual Vault Vendor Agreement. The Virtual Vault Vendor provides its services on behalf of Customer and is not an agent of the Bank. Customer acknowledges that provisional credit may only be available for those currency deposits communicated to Bank by the Smart Safe Vendor even if such deposits are inserted by Customer prior to the applicable deadline. Bank reserves the right to refuse to provide provisional credit for any Deposits at its reasonable discretion. Any Items other than currency deposited into a Smart Safe shall not be eligible for provisional credit and Customer shall not receive credit for any such Items until such Items have been duly delivered to Bank or a Bank vault location and processed in accordance with Section 3 above.
Virtual Vault Services. The Services. With our ‘Virtual’ Vault Services you can make Check and cash deposits to your Account(s) from the convenience of your location(s). You also can obtain cash and coin from your Account(s) and have the cash and coin delivered directly to your locations(s). We have entered into an arrangement with an industry- leading armored carrier service to offer this Service. You also can enter into a separate arrangement with the armored carrier service (that we have approved) to transport your cash and coin. With our ‘Virtual’ Vault Services you can reduce the expense of maintaining multiple banking relationships for geographic reasons, and reduce employee time and expense of making trips to a bank. In order to use Virtual Vault Services, you must complete and deliver to us your duly executed Cash Vault or ‘Virtual’ Vault Service Request designating the Account(s) that should be debited for your cash purchases and other information we need to set up your Service, and have arranged for transporting cash. Your Service Request also will designate one or more individuals whom you authorize to place orders for currency through this Service. You will issue, and may suspend or terminate, the user identifications and passwords that your authorized persons must use to place currency orders. It is solely your responsibility to maintain the security of user identifications or passwords for access to access our ‘Virtual’ Vault Services. Items that May Be Deposited. We will accept for deposit only genuine U.S. coins and currency. We may also accept your Check deposits provided that you comply with the Check deposit preparation requirements set forth in ‘Virtual’ Vault Service Description. We have no obligation to accept foreign or mutilated coins or currency. If we detect any counterfeit or unlawfully altered coins or currency in your deposit, we may forward them to the U.S. Secret Service and charge your Account accordingly. Checks deposited at a ‘Virtual’ Vault Service location will be electronically imaged and presented as a Substitute Check or an image replacement document through our forward collection process to each respective Check’s issuing bank. The original Checks that have been electronically imaged and transmitted for deposit will be destroyed. UMB/R072018/BPB Preparation of Deposits. All deposits must be prepared in accordance with our ‘Virtual’ Vault Service Description. We may refuse to accept, or we may charge Service Fees for handling, any non-confor...
