Common use of Electronic Presentment Clause in Contracts

Electronic Presentment. The depositor's account may be debited on the day an item is presented by electronic or other means, or at an earlier time based on notification received by the Bank that an item drawn on their account has been deposited for collection in another financial institution. A determination of the depositor's account balance for purposes of making a decision to dishonor an item for insufficiency of 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.

Electronic Presentment. The depositor's ’s account may be debited on the day an item is presented by electronic or other means, or at an earlier time based on notification received by the Bank that an item drawn on their account has been deposited for collection in another financial institution. A determination of the depositor's ’s account balance for purposes of making a decision to dishonor an item for insufficiency of 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.