Common use of Collection of Check Images and MICR Data Clause in Contracts

Collection of Check Images and MICR Data. Notwithstanding anything to the contrary in this Agreement, Bank may in its sole discretion determine the manner in which Bank will seek to collect a Check Image and/or MICR Data deposited by Customer. Without limiting the generality of the preceding sentence, Bank may, at its option: (a) present or transfer the Check Image or MICR Data to the paying bank, a Federal Reserve Bank, Check clearinghouse, image share/exchange network, or other bank; (b) create a Substitute Check, and/or MICR Data and collect such Item, or (c) request that Customer provide to Bank the original paper Check from which the Check Image and/or MICR Data was created and then collect the original paper Check. Depending on the collection method, the Check Image, MICR Data, Substitute Check, is subject to the rules of that clearinghouse, Federal Reserve Bank, or image share/exchange network or Bank agreement.

Collection of Check Images and MICR Data. Notwithstanding anything to the contrary in this Agreement, Bank may in its sole discretion determine the manner in which Bank will seek to collect a Check Image and/or MICR Data deposited by Customer. Without limiting the generality of the preceding sentence, Bank may, at its option: (a) present or transfer the Check Image or MICR Data to the paying bank, a Federal Reserve Bank, Check clearinghouse, image share/exchange network, or other bank; (b) create a Substitute Check, and/or MICR Data and collect such Item, or (c) request that Customer provide to Bank the original paper Check from which the Check Image and/or MICR Data was created and then collect the original paper Check. Depending on the collection method, the Check Image, MICR Data, Substitute Check, is subject to the rules of that clearinghouse, Federal Reserve Bank, or image share/share/ exchange network or Bank agreement.