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

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

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 will rely on thein