Common use of IRD Processing Clause in Contracts

IRD Processing. Depositor authorizes NCFCU to convert Items to IRDs or transmit Items as an image and further authorizes NCFCU or any other financial institution to which an item is sent for process. Items may be transmitted to a printing facility for printing and clearing through traditional paper processing channels, at NCFCU’s sole discretion. The IRDs will be created in accordance with Check 21; alternatively, NCFCU may process Items as photocopies in lieu of originals, under guidelines established between NCFCU and Depositor and applicable industry standards. Items that fail to satisfy the warranties made to NCFCU by Depositor, that fail to meet the requirements of NCFCU or Check 21, or that are otherwise not able to be processed may be charged back to Deposit’s account and/or returned to Depositor. Depositor agrees to be bound by any applicable laws, rules and regulations to which NCFCU is a party.