Common use of DEPOSITED ITEMS Clause in Contracts

DEPOSITED ITEMS. You understand all deposits are subject to verification and correction. We can accept an item for deposit or collection only, refuse it, or return it. In receiving items, we are acting only as your agent. We have no responsibility beyond ordinary care. You will not hold us responsible for default or negligence of our correspondents or loss of items in transit. Each correspondent we use will be liable only for its own negligence. If we give you credit for an item, we can revoke it if the item is not paid. Items deposited by mail will not be considered received by us until we actually receive them. You will not hold us responsible for loss of any item until we have received it under this standard. If an item requiring endorsement is deposited without it, you authorize but do not require us to supply it. You will reimburse us for loss or expense we incur because of any missing endorsement, whether yours or another’s, on a deposited item. We do not have to notify you of any nonrecurring ACH credits or wire transfers to the account. AUTOMATED CLEARING HOUSE TRANSACTIONS. Credit given by us to you with respect to an automated clearing house “ACH” credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry. Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payment in the periodic statement we provide you. We may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses “ACH” and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of New York, unless we have otherwise specified in a separate agreement with you that the law of some other state shall govern.

DEPOSITED ITEMS. You understand all deposits are subject to verification and correction. We can accept an item for deposit or collection only, refuse itrefuse, or return it. In receiving items, items we are acting only as your agent. We have no responsibility beyond ordinary care. You will not hold us responsible for default or negligence of our correspondents or for loss of items in transit. Each correspondent we use will be liable only for its own negligence. If we give you credit for an item, we can revoke it if the item is not paid. Items deposited by mail will not be considered received by us until we actually receive them. You will not hold us responsible for loss of any item until we have received it under this standard. If an item requiring endorsement is deposited without it, you authorize authorize, but do not require require, us to supply itthe missing endorsement. You will reimburse us for loss or expense we incur because of any missing endorsement, whether yours or another’s, on a deposited item. If we do not process a transaction in accordance with the terms of this agreement, our maximum liability shall be the amount of the transaction. In no circumstance will we be responsible for consequential damages for any action that we take or fail to take in regard to the Account. We do not have to notify you of any nonrecurring ACH credits or wire transfers to the accountAccount. AUTOMATED CLEARING HOUSE TRANSACTIONSREMOTELY CREATED CHECKS. Credit given by us to If you with respect to an automated clearing house deposit any “ACHremotely created check,” credit entry is provisional until we receive final settlement for such entry through a as defined in Federal Reserve BankRegulation CC, then you represent and warrant to us that the holder of the account upon which it is drawn authorized the issuance of that check for the amount and to the payee shown on the check. If we do not receive such final settlement anyone claims otherwise, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in may immediately charge the amount of such entrycheck, plus any claimed interest, costs, and damages, against the Account. Under the operating rules of the National Automated Clearing House Association, which If there are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payment insufficient collected funds in the periodic statement Account to cover the amount of that charge, you agree that we provide may charge any other deposit accounts you have with us, or offset against any other amount we owe you. We may accept on your behalf payments You agree to your account which have been transmitted through one or more Automated Clearing Houses “ACH” indemnify us against, and which are not subject to the Electronic Fund Transfer Act hold us harmless from, any and your rights all such claims, including consequential and obligations with respect punitive damages, and our own reasonable attorney fees and costs in investigating and responding to such payments shall be construed in accordance with and governed by the laws of the state of New Yorkclaims, unless we have otherwise specified in a separate agreement with you that the law of some other state shall governwhether or not litigation results.