Our Use of Automated Collection and Payment Processes Sample Clauses

Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures so that we can process the greatest volume of checks, drafts and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft or item, which contains your account number, amount of check, and check number. In order to achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft or item for deposit and collection that we may disregard all other information on the check, draft or item other than the drawer’s signature, the identity of the payor-drawee financial institution, the amount of the check, draft or item, and the information encoded in MICR line, whether or not that information is consistent with other information on the check, draft or item. You also agree that we do not fail to exercise ordinary care in paying any check, draft or item without physically or visually examining checks, drafts or items. For your protection and the credit union’s, you agree that we are not liable for refusing to honor any check, draft, item or instruction if we believe any signature, instruction, provision or term is not genuine or is altered, or that is illegible or written in a language other than English, and that such nonpayment or nonaction is not wrongful.
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Our Use of Automated Collection and Payment Processes. We use electronic check deposit, transmission, presentment, pay- ment and return technology to manage the greatest number of checks in the most cost-effective manner for the benefit of the members of our Credit Union. These automated processes rely on and can only recognize information in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, which contains your number, amount of the check and check number. To achieve these cost efficiencies for our members, you agree when we pay or take a check for deposit and collection we may disregard all in- formation on the check (including notes and legends) other than 1) the identity of the institution the check is drawn on, and 2) the in- formation encoded in the MICR line (whether consistent with other information on the check or not). You also agree when we pay a check without physically or visually examining it, it does not mean we failed to exercise ordinary care in paying the check.
Sample 1Sample 2
Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and pro- cedures, so that we can process the greatest volume of checks, drafts, and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft, or item which contains your account number, amount of check, and check number. So that we may achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, or item for deposit and collection that we may disregard all other information on the check, draft, or item other than the drawer’s signature, the identity of the payor-drawee financial institution, the amount of the check, draft, or item and the information encoded in MICR line, whether or not that information is consistent with other information on the check, draft or item. You also agree that we do not fail to use ordinary care in paying any check, draft, or item without physically or visually examining checks, drafts, or items.
Sample 1
Our Use of Automated Collection and Payment Processes. We use electronic check deposit, transmission, presentment, pay- ment and return technology to manage the greatest number of checks in the most cost-effective manner for the benefit of the mem- bers of our Credit Union. These automated processes rely on and can only recognize information in the Magnetic Ink Character Recog- nition (MICR) line at the bottom of the check, which contains your number, amount of the check and check number. To achieve these cost efficiencies for our members, you agree when we pay or take a check for deposit and collection we may disregard all information on the check (including notes and legends) other than 1) the identity of the institution the check is drawn on, and 2) the information encoded in the MICR line (whether consistent with other information on the check or not). You also agree when we pay a check without physi- cally or visually examining it, it does not mean we failed to exercise ordinary care in paying the check.
Sample 1Sample 2
Our Use of Automated Collection and Payment Processes. We use electronic check deposit, transmission, presentment, payment and return technology to manage the greatest number of checks in the most cost-effective manner for the benefit of the members of our Credit Union. These automated processes rely on and can only recognize information in the Magnetic Ink Char- acter Recognition (MICR) line at the bottom of the check, which contains your number, amount of check and check number. To achieve these cost efficiencies for our members, you agree when we pay or take a check for deposit and collection we may disre- gard all information on the check (including notes and legends) other than 1) the identity of the institution the check is drawn on, and 2) the information encoded in the MICR line (whether con- sistent with other information on the check or not). You also agree that the fact we pay a check without physically or visually examin- ing it does not mean that we failed to exercise ordinary care in paying the check.
Sample 1
Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures so that we can process the greatest volume of checks, drafts and items in the most cost effective manner for the benefit all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft or item, which contains your account number, amount of check, and check number. In order to achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft or item for deposit and collection that we may disregard all other information on the check, draft or item other than the drawer’s signature, the identity of the payor- drawee bank, the amount of the check, draft or item, and the information encoded in MICR line, whether or not that information is consistent with other information on the check, draft or item. You also agree that we do not fail to exercise ordinary care in paying any check, draft or item without physically or visually examining checks, drafts or items.
Sample 1

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