Certified Check Sample Clauses
A Certified Check clause defines the requirement for payment to be made using a certified check, which is a check guaranteed by a bank to have sufficient funds and to be honored upon presentation. In practice, this clause may specify that certain payments—such as deposits, closing balances, or large transactions—must be made with a certified check rather than a personal or business check. By mandating the use of certified checks, the clause ensures security and reliability in financial transactions, reducing the risk of bounced checks and payment disputes.
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Certified Check. Submit with the bid a letter of intent which states that a certified check, payable to the SFA in the amount of $ (10% of annual projected operating costs) will be issued upon award of the bid. Simultaneously, with delivery of the executed contract, the successful bidder must provide to the SFA, the certified check as required, to be held as security by the SFA for the faithful performance by the FSMC of all terms of the contract.
Certified Check. Customer is responsible for insuring and maintaining certified check information and ACS has no responsibility to maintain such data. Customer is required to either hole punch the account number field or utilize a certification sticker to be affixed over the preprinted MIOR account number on the Customer Check being certified. ACS will return such items daily to Customer after processing. Customer Initials ACS Initials
I. INCLEARING PROCESSING
a. Receive checks from Federal Reserve Bank or presenting institution.
b. Capture items.
c. Microfilm all items.
d. Re-enter all rejects from prime pass capture.
e. Balance and reconcile incoming cash letters.
f. Transmit data file to processor.
g. Exception item pull.
h. Cycle sort paid items.
i. Destruction of truncated items.
II. PROOF OF DEPOSIT PROCESSING
III. TRANSIT ITEM PROCESSING
a. Receive items from the Customer's courier.
b. Verify all bundles have been received.
c. Encode all necessary fields.
d. Endorse each item.
e. Balance each transaction.
f. Capture all items.
g. Microfilm all items.
h. Re-enter all rejects from prime pass capture.
i. Balance and Reconcile to the Teller totals and overall totals.
j. Prepare outgoing transit cash letter.
k. Forward transit cash letter to the financial institution's correspondent bank.
l. Series "EE" Savings bonds.
IV. EXCEPTION ITEM REVIEW
a. Pull large items.
b. Special instruction item review.
c. High dollar fax.
d. Signature verification.
e. Collections (Foreign Items).
V. BULK FILE STORAGE
a. Bulk file paid items in the ACS Check Vault.
b. Return captured and processed items to Customers.
Certified Check. For purposes of this Rule, a certified check is defined to mean a check with respect to which the drawee financial institution certifies by signature on the check of an officer or other authorized employee of the financial institution Old Republic National Title Insurance Company Page 2 Continuation of Schedule C G.F. No. 13007008 that: (1) the signature of the drawer on the check is genuine; (2) the financial institution has set aside funds that are equal to the amount of the check and will be used to pay the check; or (3) the financial institution will pay the check upon presentment.