Common use of CHECK CONVERSION Clause in Contracts

CHECK CONVERSION. If Resident(s) makes any payment by check, it may be converted into an electronic funds transfer (EFT). This means Landlord will copy the check and use the account information on it to electronically debit Resident(s)’s account for the amount of the check. The debit from Resident(s)’s account will usually occur within 24 hours, and may occur as early as the same day as Landlord receives payment. The debit will be shown on Resident(s)’s regular account statement. Resident(s) will not receive the original check back. Landlord will destroy your original check, but will keep a copy of it to the extent required by applicable laws. If the EFT cannot be processed for technical reasons, Resident(s) authorizes Landlord to process the copy in place of the original check. If the EFT cannot be completed because of insufficient funds, Landlord may require payment in certified funds as required by the Rent provision above.