Important Information About Your Checking Account. What is a substitute check? To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions. What are my rights regarding substitute checks? In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You are also entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account. How do I make a claim for a refund? If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at: Financial Federal Bank 0000 Xxxxx Xxxxxxx Drive,...
Important Information About Your Checking Account i. Substitute Checks and Your Rights: What is a substitute check? To make check processing faster, federal law permits banks to replace original checks with “substitute checks”. These checks are similar in size to original checkswith a slightlyreduced image of the front and backofthe original check. The front of a substitute checkstates: “This is a legal copyofyourcheck. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks thatyou receive backfrom us maybe substitute checks. This notice describes rightsyou have when you receive substitute checks from us.The rights in this notice do not applyto original checks or to electronic debits toyour account. However, you have rights under other law with respect to those transactions. What are my rights regarding substitute checks? In certain cases, federal law provides a special procedure that allowsyou to request a refund for lossesyou suffer if a substitute checkis posted toyouraccount (forexample, ifyou thinkwe withdrew thewrong amount fromyour account orthat wewithdrew money from your account more than oncefor the same check).The lossesyou mayattempt to recover under this procedure mayinclude the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, overdraftfees). The amount ofyourrefund underthis procedure is limited to the amount ofyour lossorthe amount of the substitute check, whichever is less. You also are entitled to interest on the amount ofyour refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. Ifyou use this procedure, you mayreceive up to $2,500.00 ofyour refund (plus interest if your account is an interest-bearing account) within 10 business days after we receivedyourclaim and the remainderofyour refund (plus interest ifyour account is an interest-bearing account) not later than 45 calendar days after we received your claim. Wemayreversethe refund (including anyintereston the refund) if welater areable to demonstrate that the substitute check was correctlyposted toyour account. How do I make a claim for a refund? If you believe that you have suffered a loss relating to a substitute check that you received and was posted to your account, please contact us using the contact information listed at the beginn...
