Common use of Automated Processing and Clearing Clause in Contracts

Automated Processing and Clearing. We have adopted automated collection and payment procedures so that we can process the greatest volume of deposits and orders at the lowest possible cost to all members. These automated procedures rely primarily on information encoded at the bottom of each order/check in Magnetic Ink Character Recognition “MICR” characters/symbols. You agree that in paying or taking an order for collection we will rely on the MICR information and any other encoded information (even if inconsistent with other information on the order) and disregard any restrictive instructions such as “Void after 90 Days,” or “Two Signatures Required for Amounts Over $5,000”). You will reimburse us for any loss or expenses we incur because you issue or deposit an order containing such extra information. You agree that we do not fail to exercise ordinary care in paying an order if our procedures provide for limited or no sight examination. We may require that you use orders/checks printed at specific vendors specializing in check printing if our processing equipment experiences higher than normal rejection rates of orders/checks drawn on your account. If we impose this requirement, you will be responsible for any and all expenses associated with check printing and/or reprinting with the correct required information. We only process checks through the Federal Reserve System.

Automated Processing and Clearing. We have adopted automated collection and payment procedures so that we We can process the greatest volume of deposits and orders at the lowest possible cost to all members. These automated procedures rely primarily on information encoded at the bottom of each order/check in Magnetic Ink Character Recognition “MICR” characters/symbols. You agree that in paying or taking an order for collection we We will rely on the MICR information and any other encoded information (even if inconsistent with other information on the order) and disregard any restrictive instructions such as “Void after 90 Days,” or “Two Signatures Required for Amounts Over $5,000”). You will reimburse us Us for any loss or expenses we We incur because you You issue or deposit an order containing such extra information. You agree that we We do not fail to exercise ordinary care in paying an order if our Our procedures provide for limited or no sight examination. We may require that you You use orders/checks printed at specific vendors specializing in check printing if our Our processing equipment experiences higher than normal rejection rates of orders/checks drawn on your accountYour Account. If we We impose this requirement, you You will be responsible for any and all expenses associated with check printing and/or reprinting with the correct required information. We only process checks through the Federal Reserve System.

Automated Processing and Clearing. We have adopted automated collection processing and payment clearing procedures so that we We can process the greatest volume of deposits and orders at the lowest possible cost to all members. These automated procedures rely primarily on information encoded at the bottom of each order/check order in Magnetic Ink Character Recognition “(MICR” ) characters/symbolssymbols or Electronic Processing Number (EPN) as applicable to the type of order. You agree that in paying or taking an order for collection we We will rely on the MICR or EPN information and any other encoded information (even if inconsistent with other information on the order) and disregard any restrictive instructions such as “Void after 90 Days,” or “Two Signatures Required for Amounts Over $5,000”). You will reimburse us Us for any loss or expenses we We incur because you You issue or deposit an order containing such extra information. You agree that we We do not fail to exercise ordinary care in paying an order if our Our procedures provide for limited or no sight examination. We may require that you You use orders/checks printed at specific vendors specializing in check printing if our Our processing equipment experiences higher than normal rejection rates of orders/checks drawn on your accountYour Account. If we We impose this requirement, you You will be responsible for any and all expenses associated with check printing and/or reprinting with the correct required information. We only process checks through the Federal Reserve System.