Common use of Automated Processing Clause in Contracts

Automated Processing. You recognize that we have implemented automated collection and payment procedures that rely primarily upon information encoded onto each item in magnetic ink. In recognition of this fact, you agree that in paying an item, we may disregard all information on the item other than the identity of the drawee bank, the amount of the item, and any information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with any other information on the item. You acknowledge that the Credit Union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight review of items. Any electronic or preauthorized debit initiated by a third party against this account is deemed authorized by the account owner(s) if any account owner voluntarily gives the third party information about the account.

Automated Processing. You recognize that we have implemented automated collection and payment procedures that rely primarily upon information encoded onto each item in magnetic ink. In recognition of this fact, you agree that in paying an item, we may disregard all information on the item other than the identity of the drawee bankpayee, the amount of the item, and any information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with any other information on the item. You acknowledge that the Credit Union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight review of items. Any electronic or preauthorized debit initiated by a third party against this account is deemed authorized by the account owner(s) if any account owner voluntarily gives the third third-party information about the account.

Automated Processing. You recognize that we have implemented automated collection and payment procedures that rely primarily upon information encoded onto each item in magnetic ink. In recognition of this fact, you agree that in paying or processing an item, we may disregard all information on the item other than the identity of the drawee bank, the amount of the item, and any information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with any other information on the item. You acknowledge that the Credit Union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight review of items. Any electronic debit, or preauthorized other debit initiated by a third party against this account is deemed authorized by if you or an authorized signer on the account owner(s) if any account owner voluntarily gives the third party information about the account.