FOREIGN CHECKS OR DRAFTS Sample Clauses
The 'Foreign Checks or Drafts' clause governs the acceptance and processing of checks or drafts drawn on banks located outside the country where the agreement is executed. Typically, this clause outlines that such foreign instruments may be subject to additional fees, longer processing times, or may not be accepted at all, depending on the policies of the receiving party or their bank. Its core function is to clarify the procedures and potential limitations associated with foreign payments, thereby reducing misunderstandings and managing expectations regarding international financial transactions.
FOREIGN CHECKS OR DRAFTS. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed in the same manner as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn. Additional fees may apply and may vary pursuant to the terms of the transaction.
FOREIGN CHECKS OR DRAFTS. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed in the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn. The rates and terms applicable to your account at RelyOn Credit Union (credit union) are provided in this Truth-In-Savings Disclosure. We may offer other rates for these accounts from time to time. Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-In-Savings Disclosure are share accounts. The Truth-In-Savings Act allows for the change in terms of share accounts as long as 30 day advance notice is given. The Rate & Fee Schedule also sets out terms of your accounts and is hereby incorporated by reference as if fully set forth herein.