Common use of Item Retention and Destruction Clause in Contracts

Item Retention and Destruction. You agree to securely store each check you deposit using Mobile Deposit for a period of sixty (60) days after transmission in order to verify settlement and credit, or to balance periodic statements. During the period that you maintain the original checks, you understand and agree that you must use a high degree of care to protect these original checks against security risks, including theft or reproduction of the original checks for purposes of presentment for deposit of these original checks or unauthorized use of information derived from the original checks. You agree to make the check(s) available to us at our request, and that you will deliver the retained check(s), at your expense, within seven (7) business days to assist in the clearing and collection process, to resolve claims by third parties with respect to any check(s), or for our audit purposes. If not provided within seven (7) business days of our request, the amount of the requested check(s) will be debited from your account regardless of the account balance and you will be liable for any funds owed or unresolved claims by third parties. After such period expires, you will destroy the check in a manner ensuring the check cannot be reproduced or represented for payment. You agree that you are responsible if anyone is asked to make payment based on an original check that has already been paid.