Conditions to Provision of RDC Sample Clauses

Conditions to Provision of RDC. In connection with RDC, Company shall comply with the following: a. Company shall maintain one or more Accounts at Bank for the receipt of deposits of Checks. b. Company shall be responsible for training its own employees in the use of RDC. c. Company shall maintain satisfactory internal business controls, including the following: i. Established and documented procedures related to the recording of receipts, preparation of and reconciliation of deposits; ii. Segregation of duties in the recording and processing of deposited Checks; and iii. Timely reconciliation of Bank statements. At Bank’s request, Company shall provide evidence of the foregoing controls and copies of the relevant portions of audit reports testing such controls. d. Company shall use Equipment consistent with the Bank’s requirements in the Supporting Documents and shall not take any actions to deploy or incorporate the Equipment in any way not intended for it without Bank’s prior written approval. Company will ensure that the Equipment for RDC is clean and operating properly. e. Company will only submit Checks for processing to Bank that meet the definition of “check” in Regulation CC. f. Unless prior approval by Bank in writing, Company will not attempt to scan and transmit to Bank any Check which is drawn on a deposit account of Company at Bank or any other financial institution, or a deposit account of any business entity of which Company is a principal, officer or authorized signer. Company will only use RDC for its own purposes and in accordance with this Service Description. Company with a business need may request to have multiple entities established as a single Company within the RDC system. The multiple entities shall have a common ownership. If such is provided, Company understands and agrees to accept the increased business risk associated with such provision and warrants that Checks will be deposited into the correct account. For example, a Check made payable to an entity must be deposited into that entity’s account. g. Company will not scan and transmit for processing any Checks payable to third parties or in any way not payable solely to Company, demand drafts or remotely created Checks as defined by the Code and Regulation CC, respectively, Checks that are stale dated by six (6) months or more or post-dated, savings bonds, Substitute Checks, Checks that do not meet the definition of a Check (facsimile, scanned, or any other reproduction of the original check does not meet ...