Cash Vault Services Clause Samples
The Cash Vault Services clause defines the terms under which a service provider manages the secure storage, processing, and transportation of cash for a client. Typically, this involves the provider collecting cash deposits from the client’s locations, securely transporting them to a vault facility, and making the funds available for deposit into the client’s bank account. This clause ensures that both parties understand their responsibilities regarding cash handling, security protocols, and liability, thereby reducing the risk of loss or mismanagement of physical currency.
Cash Vault Services. Cash Vault Services (the "Service") allows clients to have cash and non-cash deposits delivered to F&M's cash vault for processing. Clients may also order currency and coins ("Order(s)") for pick-up and delivery from F&M's cash vault.
Cash Vault Services. The Cash Vault Service allows you to make either withdrawals of cash and/or deposits of cash and items to one or more designated cash vault location approved by us. You agree to make any such deposits in accordance with the User Materials we provide to you, and that any failure to follow our instructions may result in delay in posting of your deposit. You must arrange with an armored carrier for the delivery of deposits to us and/or for the pick up and delivery of currency and/or coin from a designated cash vault location for each of your location(s). The armored carrier acts as your legal agent. You agree that all currency, coin, checks and other property that is in the possession of the armored carrier legally remains in your possession until it is physically released to and accepted by one of our authorized locations. You agree to work with your carrier should there be any discrepancy between what you believe you delivered to the carrier and the amount accepted by us.
Cash Vault Services a. Through the Services, Customer may make Deposits into a Specified Account and place Change Orders for their business needs. The Term of this TOS shall be one (1) year and the Term shall be subject to renewal upon thirty days’ notice at the end of the then current Term.
b. Provided Customer’s Deposits are made in accordance with the required procedure stated in this TOS, Vault will accept Deposits and Bank will make funds available in accordance with the applicable availability schedule described herein and as agreed between Customer and Bank.
c. Provided Customer’s Change Orders are made in accordance with the required procedure stated in this TOS, Bank or Vault will accept and Vault will fulfill Change Orders in accordance with this TOS.
d. Customer is responsible for arranging for armored car carrier transportation of all Deposits or Cash from Change Orders to or from Vault. Customer must use a recognized armored car carrier Service Provider for transporting any Deposits or Cash to or from the Vault.
e. The Deposit Services depend on Bank’s receipt of correct, accurate and timely Deposit Reports. In all cases Customer is responsible for and bears all risk of Loss for all Deposits until the Deposit reaches Vault. In all cases Customer is responsible for and bears all risk of Loss for all Change Orders once picked-up from Vault. For Other Items, Customer bears all risk of Loss if Customer attempts to deposit such Other Items through the Service.
f. Customer agrees Bank’s and Vault count of Cash received by Bank is final and conclusive. Bank is not liable for any shortage due to any counterfeit or contraband, whether discovered upon delivery to Vault, Bank, or at any time after delivery to either. In the event of a discrepancy between the Deposit Report and the Verification amount, in no event is Customer entitled to any amount in excess of the Verification amount, in the event the error was caused by counterfeit or contraband notes, inaccurate counts, clerical error, or otherwise. Bank reserves the right to suspend or cancel the Services for Customer in the event of repeated errors by Customer in connection with its Deposits.
g. For SMART Safe with Advance Credit Product Deposits, Bank relies exclusively on the accuracy of the information transmitted to Bank by Customer’s Deposit Report to determine the amount of available funds, if any, that the Bank will provide to Customer. Bank is not responsible for any failure of the Deposit Report to be submitted...
Cash Vault Services. Services to be performed at the Facility(ies) specified in the attached Exhibit A, Facilities, under this Cash Vault SOW, including but not limited to deposit processing and verification, Currency counting and sorting, processing of Coins, maintaining an inventory of Currency and Coin, and preparing Shipments for delivery to the location designated by Customer, I. Mutilated Currency – Currency that has been damaged to the extent that one-half (1/2) or less of the note remains, or its condition is such that its value is questionable and special examination by the Bureau of Engraving is required.
Cash Vault Services