Electronic Presentment of Checks Sample Clauses

Electronic Presentment of Checks. When you write a check to a third party, that party or its depository institution may present that check electronically for payment, instead of sending us the paper check. Since we do not receive your check, neither a cancelled check nor its image is available from us. When we receive these items in electronic form, or an electronically-created item for which a check never existed, they are debited against your account the same as if we had received the actual paper check, as explained in our Substitute Check Policy Disclosure in Section J of this Agreement.

Electronic Presentment of Checks. Your Account may be debited on the day that a check or other transaction is presented (or returned) directly or electronically for payment. Your Account may be charged or a hold placed on funds at an earlier time if notice that a check or other item deposited to your Account is being returned, or if notice is received that your check or electronic payment (e.g., at a point-of-sale) is being processed for collection. Please note: Some merchants may obtain authorizations in advance for point-of-sale transactions in an amount greater than the final transaction amount. You agree that a hold may be placed on sufficient funds to cover the amount of the authorized transaction, pending its final settlement through the system even if that amount exceeds the actual amount of the transaction. This could affect the balance available to cover other transactions.