Common use of Our Use of Automated Collection and Payment Processes Clause in Contracts

Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures, so that we can process the greatest volume of checks, drafts, and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft, or item which contains your account number, amount of check, and check number. So that we may achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, or item for deposit and collection, we may disregard all information on the check, draft, or item other than the drawer’s signature, the identity of the payor-drawee financial institution, the amount of the check, draft, or item and the information encoded in the MICR line, whether or not that information is consistent with other information on the check, draft, or item. You also agree that we do not fail to use ordinary care in paying any check, draft, or item without physically or visually examining checks, drafts, or items.

Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures, procedures so that we can process the greatest volume of checks, drafts, drafts and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draftdraft or item, or item which contains your account number, amount of check, and check number. So that we may In order to achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, draft or item for deposit and collection, collection that we may disregard all other information on the check, draft, draft or item other than the drawer’s signature, the identity of the payor-payor- drawee financial institutionbank, the amount of the check, draftdraft or item, or item and the information encoded in the MICR line, whether or not that information is consistent with other information on the check, draft, draft or item. You also agree that we do not fail to use exercise ordinary care in paying any check, draft, draft or item without physically or visually examining checks, drafts, drafts or items.

Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures, so that we can process the greatest volume of checks, drafts, and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information infor- mation that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft, or item which contains your account number, amount of check, and check number. So that we may achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, or item for deposit and collection, collection that we may disregard all other information on the check, draft, or item other than the drawer’s signature, the identity of the payor-drawee financial institution, the amount of the check, draft, or item and the information encoded in the MICR line, whether or not that information is consistent with other information on the check, draft, draft or item. You also agree that we do not fail to use ordinary care in paying any check, draft, or item without physically or visually examining checks, drafts, or items.

Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedurespro- cedures, so that we can process the greatest volume of checks, drafts, and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft, or item which contains your account number, amount of check, and check number. So that we may achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, or item for deposit and collection, collection that we may disregard all other information on the check, draft, or item other than the drawer’s signature, the identity of the payor-drawee financial institution, the amount of the check, draft, or item and the information encoded in the MICR line, whether or not that information is consistent with other information on the check, draft, draft or item. You also agree that we do not fail to use ordinary care in paying any check, draft, or item without physically or visually examining checks, drafts, or items.

Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures, so that we can process the greatest volume of checks, drafts, and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information infor- mation that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft, or item which contains your account number, amount of check, and check number. So that we may achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, or item for deposit and collection, we may disregard all information informa- tion on the check, draft, or item other than the drawer’s signature, the identity of the payor-drawee financial institution, the amount of the check, draft, or item and the information encoded in the MICR line, whether or not that information is consistent with other information infor- mation on the check, draft, or item. You also agree that we do not fail to use ordinary care in paying any check, draft, or item without physically or visually examining checks, drafts, or items.