Common use of Deposits to Account Clause in Contracts

Deposits to Account. 2.2.1. The Cardholder authorizes the Bank to accept cash and Items for deposit made payable to the Cardholder’s Account. The Cardholder likewise authorizes the Bank to deposit to the Account wire transfers and other forms of credit (such as direct deposits or other automated clearinghouse entries). Second endorsed checks, post- dated, and stale checks shall not be accepted for deposit. You agree to assume full responsibility for the correctness, authenticity, and validity of all endorsements appearing on the checks or other items deposited to the Bank. 2.2.2. In receiving deposits, the Bank acts only as a collecting agent and assumes no responsibility beyond the exercise of ordinary care. You represent and warrant that you are validly entitled to receive such deposits. 2.2.3. All deposits posted to the Account are in Philippine Pesos / US Dollars subject to the receipt of the final payment and applicable conversion fees, if any. Drawings may not be made against such check deposits until actual payment has been received by the Bank, or full proceeds has been collected from correspondent banks, in accordance with: (i) existing BSP/Philippine Clearing House Corporation (PCHC) rules and regulations; or (ii) clearing or collection arrangements made with correspondent banks, in case of checks denominated in foreign currency. If the final payment is not received on any Item deposited to the account or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to the account is charged back to the Bank for any reason, the Cardholder agrees to pay the Bank the amount of the chargeback regardless of the time that has elapsed, whether or not the item itself can be returned. In such case, the Bank is authorized to debit from the Account the amount of the chargeback including the amount of the returned Item or other deposit, the returned Item fee, any interest paid on the deposit, and any other fee paid or loss incurred without prior notice and at any time. The Bank, at its option, may also resort to any other legal remedies to recover the amount paid by the Bank and any losses and damages incurred thereto. 2.2.4. The Bank is not responsible for any transactions until these have been properly received and recorded in accordance with existing Bank’s policies. 2.2.5. The Bank reserves the right to refuse acceptance of deposits if it determines that acceptance of deposits would expose itself to any risks. 2.2.6. The Bank records shall be conclusive on the amount of the deposit for credit to Cardholder's accounts despite discrepancies. 2.2.7. The Bank shall not be responsible for resulting entries based on erroneous or illegible account number on the deposit slip. 2.2.8. The Bank reserves the right to debit the Cardholder's account for any amount previously credited, if uncollected.