Automated Deposits definition
Automated Deposits. Funds deposited through an automated clearing house (ACH) or other electronic means are always provisional and are subject to the rules of the applicable automated clearing house (ACH) or other system. That is, they may be revoked prior to final settlement and are subject to adjustment by the originator. Interest in your account will be subject to adjustment in the event of any chargebacks. We will not provide you with next day notice of the receipt of an ACH credit to your account. Deposit of Substitute Checks: You agree that you will not deposit, without our prior written consent, “substitute checks” as defined by federal law or Image Replacement Documents that purport to be substitute checks and have not been previously
Automated Deposits. Funds deposited through an automated clearing house (ACH) or other electronic means are always provisional and are subject to the rules of the applicable automated clearing house (ACH) or other system. That is, they may be revoked prior to final settlement and are subject to adjustment by the originator. Interest in your account will be subject to adjustment in the event of any chargebacks. We will not provide you with next day notice of the receipt of an ACH credit to your account. You will receive notice of such credits in your periodic statements. Deposit of Substitute Checks: You agree that you will not deposit, without our prior written consent, “substitute checks” as defined by federal law or Image Replacement Documents that purport to be substitute checks and have not been previously endorsed by a bank. If you deposit such an item, you agree to reimburse us for losses, costs and expenses we may incur associated with warranty or indemnity claims. Standard of Care: Most checks and other debit items are processed automatically, without review of each check or item. You agree that we are acting within common and reasonable banking practices by such automated processing and that the use of automated systems in the processing of checks constitutes ordinary care. You also agree that the Bank does not fail to exercise ordinary care in paying an item solely because its procedures don’t provide for sight-review, or provide for sight-review only for items above a threshold level, or on a sample basis, at the discretion of the Bank. The exercise of ordinary care does not require us to detect forgeries or alterations that could not be detected by an ordinary person acting with reasonable care.
Automated Deposits. Funds deposited through an automated clearing house (ACH) or other electronic means are always provisional and are subject to the rules of the applicable automated clearing house (ACH) or other system. That is, they may be revoked prior to final settlement and are subject to adjustment by the originator. Interest in your account will be subject to adjustment in the event of any chargebacks. We will not provide you with next day notice of the receipt of an ACH credit to your account.
Examples of Automated Deposits in a sentence
For information about electronic fund transfer errors or inaccuracies relating to the Advantage Account, refer to the "Electronic Funds, Automated Deposits and Transfer" section of this Agreement.
More Definitions of Automated Deposits
Automated Deposits. Funds deposited through an automated clearing house (ACH) or other electronic means are always provisional and are subject to the rules of the applicable auto- mated clearing house (ACH) or other system. That is, they may be revoked prior to final settlement and are subject to adjust- ment by the originator. Interest in your account will be subject to adjustment in the event of any chargebacks. We will not provide you with next day notice of the receipt of an ACH credit to your account. You will receive notice of such credits in your periodic statements. Deposit of Substitute Checks: You agree that you will not deposit, without our prior written consent, “substitute checks” as defined by federal law or Image Replacement Documents that purport to be substitute checks and have not been previ- ously endorsed by a bank. If you deposit such an item, you agree to reimburse us for losses, costs and expenses we may incur associated with warranty or indemnity claims.