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Common use of Collection of Checks Clause in Contracts

Collection of Checks. When You deposit a Check to your account, We collect the money from the bank or other party obligated to pay it. We act as Your agent to do this. Except to the extent otherwise required by law, We are not responsible for losses that happen during collection of a Check that are not caused by Our own negligence. When You cash or deposit a Check, We may require that funds equal to the amount of the Check remain in your account or another account You have with us until the funds from that Check become available for withdrawal. See our Funds Availability Disclosure for an explanation of when funds are available for withdrawal. If We receive a Check You have written on your account in an amount greater than the funds available for withdrawal from Your account,We have the right not to pay that Check. If We credit your account or allow You to withdraw the amount of a deposited Check and the check is returned to us unpaid, or We receive a notice of non-payment of the Check, We have the right to take that amount from your account or to obtain a refund by any method We deem proper, including the exercise of our Right of Set-off (see Section A- 8 of this Agreement). If the amount of available funds in Your account is less than the amount of the Check, You must pay us the balance.

Appears in 4 contracts

Samples: Member Share Account Contract, Member Share Account Contract, Member Share Account Contract

Collection of Checks. When You deposit a Check to your account, We collect the money from the bank or other party obligated to pay it. We act as Your agent to do this. Except to the extent otherwise required by law, We are not responsible for losses that happen during collection of a Check that are not caused by Our own negligence. When You cash or deposit a Check, We may require that funds equal to the amount of the Check remain in your account or another account You have with us until the funds from that Check become available for withdrawal. See our Funds Availability Disclosure for an explanation of when funds are available for withdrawal. If We receive a Check You have written on your account in an amount greater than the funds available for withdrawal from Your account,, We have the right not to pay that Check. If We credit your account or allow You to withdraw the amount of a deposited Check and the check is returned to us unpaid, or We receive a notice of non-payment of the Check, We have the right to take that amount from your account or to obtain a refund by any method We deem proper, including the exercise of our Right of Set-off (see Section A- 8 of this Agreement). If the amount of available funds in Your account is less than the amount of the Check, You must pay us the balance.

Appears in 1 contract

Samples: Member Share Account Contract

Collection of Checks. When You deposit a Check to your account, We collect the money from the bank or other party obligated to pay it. We act as Your agent to do this. Except to the extent otherwise required by law, We are not responsible for losses that happen during collection of a Check that are not caused by Our own negligence. When You cash or deposit a Check, We may require that funds equal to the amount of the Check remain in your account or another account You have with us until the funds from that Check become available for withdrawal. See our Funds Availability Disclosure for an explanation of when funds are available for withdrawal. If We receive a Check You have written on your account in an amount greater than the funds available for withdrawal from Your account,, We have the right not to pay that Check. If We credit your account or allow You to withdraw the amount of a deposited Check and the check is returned to us unpaid, or We receive a notice of non-payment of the Check, We have the right to take that amount from your account or to obtain a refund by any method We deem proper, including the exercise of our Right of Set-off (see Section A- 8 of this Agreement). If the amount of available funds in Your account is less than the amount of the Check, You must pay us the balance. There are certain checks that We will not cash or accept for deposit. These include checks drawn on banks in foreign countries, and double endorsed checks unless both parties are on the account to which the check is being deposited.

Appears in 1 contract

Samples: Member Share Account Contract