Deposited Checks Clause Samples

The Deposited Checks clause outlines the rules and procedures governing checks that are deposited into an account. Typically, it specifies when funds from deposited checks will be made available, the bank's right to place holds on certain deposits, and the customer's responsibility if a check is returned unpaid. For example, the clause may state that funds from local checks are available within one business day, but larger or out-of-state checks may be subject to longer holds. This clause ensures both parties understand the timing and risks associated with check deposits, helping to prevent misunderstandings and allocate responsibility for returned or fraudulent checks.
Deposited Checks. If you deposit a check to the Account, we will collect the check on your behalf. You will normally have final credit for the check only when: • we have collected the proceeds of the check; • the proceeds are in cash or solvent credits; • the proceeds have been received at our offices; and • payment by the drawee of the check is final. Handling Deposits
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Deposited Checks. In the event you deposit a check that is returned beyond legal time requirements, or for which notice of nonpayment is delayed beyond legal time requirements, because markings on the back of the check impair the legibility of endorsement, forward collection, or return information (e.g., imprints from rubber stamps or customer endorsements), then you agree to be liable for any loss or damages arising therefrom.
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Deposited Checks. With respect to each Check you transmit to us for deposit via the CI Cash Letter Service, you represent and warrant that: (i) You are the lawful and intended payee of the Check and are legally entitled to enforce and obtain payment of the Check. (ii) To the best of your knowledge, the transmitted Check image accurately represents the front and back of the Check at the time of scanning. (iii) The Check has not been altered or modified from its original state. (iv) The Check has not otherwise been presented for deposit, neither the Check nor a representation or reproduction of the Check has otherwise been paid, and no person or entity will be asked to pay or be charged for a Check (or any representation or reproduction of a Check) that has paid. (v) All information transmitted to us in connection with the Check is accurate and authorized. (vi) Each Check is properly endorsed in accordance with our instructions.
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Deposited Checks. All Checks transmitted through the Remote Deposit Service will be processed subject to the terms of this Agreement, or if cleared as an ACH entry, the ACH Agreement, and Bank’s then current deposit account agreement and disclosure pertaining to the Account(s) into which the deposit is to be made (“Deposit Agreement”). Client agrees that it will only scan and deposit checks as that term is defined in Federal Reserve Board Regulation CC (12 CFR, Part 229) ( each such check and other item a “Check”). Client agrees that the image of a Check that is transmitted to Bank shall be deemed an “Item” within the meaning of Article 4 of the Uniform Commercial Code (“UCC”).
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Deposited Checks. With respect to each Check you transmit to us for deposit via the RDC Service, you represent and warrant that: (i) You are the lawful and intended payee of the Check and are legally entitled to enforce and obtain payment of the Check, OR you are the authorized agent of the payee, such authorization has been demonstrated to the Bank, and the payee has authorized you in your role as agent to deposit ▇▇▇▇▇’s checks to your account. (ii) To the best of your knowledge, the transmitted Check image accurately represents the front and back of the Check at the time of scanning. (iii) The Check has not been altered or modified from its original state. (iv) The Check has not otherwise been presented for deposit, neither the Check nor a representation or reproduction of the Check has otherwise been paid, and no person or entity will be asked to pay or be charged for a Check (or any representation or reproduction of a Check) that has paid. (v) All information transmitted to us in connection with the Check is accurate and authorized. (vi) Each Check is properly endorsed in accordance with our instructions in the User Guide.
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Related to Deposited Checks

  • Deposited Cash and Property You should familiarize yourself with the protections accorded the Security you deposit by way of money or other assets in domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or other assets is governed by the legislation and local rules in the country at which location the counterparty acts.

  • Deposited Money and U.S Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.6 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. The Issuers will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. Notwithstanding anything in this Article VIII to the contrary, the Trustee will deliver or pay to the Issuers from time to time upon the request of the Issuers any money or U.S. Government Obligations held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

  • Deposited Securities The term “

  • Deposited Money and U S. Government Obligations to Be Held in Trust; Miscellaneous Provisions............................60

  • Distributions on Deposited Securities Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder's ADRs: