Common use of INCLEARING Clause in Contracts

INCLEARING. Client authorizes Fiserv to receive Client's inclearing items each business day from the Federal Reserve Bank, local clearinghouse, and, in the case of same day settlement, from presenting banks. (a) Fiserv will balance the inclearing items to Client's cash letters, capture the items on magnetic media, microfilm, and transmit the account information to Client's account processing servicer. (b) Based on the agreement of Fiserv and Client, all inclearing items shall be: (i) stored by Fiserv and returned to Client at each statement cycle date; (ii) stored by Fiserv for future statement rendering; or (iii) returned to Client. (c) Unless otherwise agreed in writing, Fiserv will not check signatures.

INCLEARING. Client authorizes Fiserv to receive Client's inclearing items each business day from the Federal Reserve Bank, local clearinghouse, and, in the case of same day settlement, from presenting banks. (a) Fiserv will balance the inclearing items to Client's cash letters, capture the items on magnetic media, microfilm, and transmit the account information to Client's account processing servicer. (b) Based on the agreement of Fiserv and Client, all inclearing items shall be: (i) stored by Fiserv and returned to Client at each statement cycle date; (ii) stored by Fiserv for future statement rendering; or (iii) returned to Client. (c) Unless otherwise agreed in writing, Fiserv will not check signatures.