Common use of Electronic Presentment Clause in Contracts

Electronic Presentment. This Account may be debited on the day an item or requested authorization is presented by electronic or other means, or at an earlier time based on notification received by Bank that an item drawn on this account has been deposited for collection in another financial institution, or that an item deposited into this Account, is being returned. A determination of the account balance for purposes of making a decision to dishonor an item for insufficiency of collected available funds may be made at any time between the receipt of such presentment or notice and the time of return of the item, and no more than one such determination need be made. LOST CHECKS: When we cash a check for you or accept a check for deposit to your Account, we are acting as your agent in collecting the check. We are not responsible if the check is lost or delayed in the collection process. If the check is lost during the collection process, we may charge your account for the amount of the check. If the financial institution on which the check is drawn gives us a photocopy or electronic image of the check or debit slip representing the check, we may charge your account for the amount of the check. You agree to recreate the transaction and/or provide Bank all information requested regarding such lost item. STALEDATED ITEMS: Bank is not required to pay any item presented more than six months after its date. However, Bank may in its sole discretion pay such item in good faith, and Xxxxxxxxx agrees that Bank is acting in good faith as long as there is not a stop payment order in effect when it pays the item.