Check Processing definition

Check Processing. We process items electronically by relying solely on the information encoded in magnetic ink along the bottom of the items. This means that we do not individually examine all of your items to determine if the item is properly completed, signed and endorsed or to determine if it contains any information other than what is encoded in magnetic ink. You agree that we have not failed to exercise ordinary care solely because we use our automated system to process items and do not inspect all items processed in such a manner.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Check Processing. We may process items mechanically by relying on the information encoded along the bottom of the items. This means that we may not individually examine all of your items to determine if the item is properly completed, signed and endorsed. You agree that we have not failed to exercise ordinary care solely because we use an automated system to process items and do not inspect all items processed in such a manner. We reserve the right not to inspect each item because using an automated process helps us keep costs down for you and all account holders. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the time we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds.

Check Processing. We may process items mechanically by relying on the information encoded along the bottom of the items. This means that w e may not individually examine all of your items to determine if the item is properly completed, signed and indorsed. You agree that w e have not failed to exercise ordinary care solely because w e use an automated system to process items and do not inspect all items processed in such a manner. We reserve the right not to inspect each item because using an automated process helps us keep costs dow n for you and all account holders. We may determine the amount of available funds in your account for the purpose of deciding w hether to return an item for insufficient funds at any time betw een the time w e receive the item and w hen w e return the item or send a notice in lieu of return. We need only make one determination, but if w e choose to make a subsequent determination, the account balance at the subsequent time w ill determine w hether there are insufficient available funds.

Examples of Check Processing in a sentence

• Check Processing and Requirements Any image of a check that is transmitted for deposit must accurately and legibly provide all the information on the front and back of the check prior to being scanned.

• Customer shall not export, re-export or otherwise transfer, directly or indirectly, the Software or any portion thereof to any location outside the United States without first complying with all applicable foreign and United States federal, state and Electronic Check Processing Agreement local laws, rules, regulations or controls (including without limitation those regarding import, export, marketing, distribution or use of software programs).

• Checks Check Processing Checks and debits are presented against your checking account in order of arrival sequence throughout the day.

• Receipt of this notice constitutes authorization by YOUR STORE’S customers to the Check Processing procedure as provided in the Service Agreement.

• Check Processing We have automated collection and payment procedures.

• Internet Banking Services may include from time to time when offered by Bank for a particular Service include, but are not limited to, Services such as Online Banking, Remote Check Processing, direct transmission (e.g., FTP), SWIFT or other payment network or association.

• Abandoned Property $50.00 Account Closure* $10.00 ACH Originated Loan Payment $10.00 each All Copies (any GFA docs, up to 10 pages) $7.50 min Coin Machine Service (over $100.00) 5% Canadian Currency, exchange rate plus $10.00 Foreign Check Processing (per check) $15.00 Inactivity Fee** $5.00/mth Insufficient/Overdraft Paid $30.00/item Insufficient/Overdraft Returned $30.00/item Items Sent for Collection $25.00/item Levy $75.00 Lost Passbook $12.50 Money Order $3.00 Non-Member Check cashing inc.

• The section titled Check Processing beginning on page 26 through the section titled Avoiding NSFs and Overdrafts ending on page 28 will be replaced entirely by the following sections: We may process items mechanically by relying on the information encoded in magnetic ink along the bottom of the items.

• Please refer to our current Schedule of Service Charges and Fees for the Check Processing Reject Fee amount.

• If personalized checks that you order independently are rejected in processing due to MICR encoding or other errors in the printing of the check, we will assess a Check Processing Reject Fee.

More Definitions of Check Processing

Check Processing. By opening a checking account with us, you authorize us to retain and copy all checks, drafts, debits, or credit advices for the account. The original documents are not maintained, but destroyed. The copies will generally be available for seven years by request. You may request copies of up to 24 checks per year at no charge by contacting your branch or through EasternEase Online. Free check copies are available for 90 days after the date the check has cleared the Bank.