Common use of Processing Deposits Clause in Contracts

Processing Deposits. When you make a deposit, we will act only as your collection agent and will not be responsible beyond the exercise of good faith and ordinary care. All deposits are provisionally credited subject to our receipt of final payment. If you deposit a check or transfer funds into your Account and the check or transfer is returned to us by the paying financial institution for any reason, you agree that we may deduct the amount of the check or transfer against your Account, without prior written notice to you. We may send the returned check or transfer back for collection a second time without notifying you, and you waive any notice of dishonor and protest. At our discretion, we may return, reject, and/or refuse to accept a deposit; for example, we may refuse to accept a transfer to your Account if we believe that accepting the transfer would cause us to violate any applicable law (e.g., sanctions related to the Office of Foreign Assets Control (“OFAC”) or cause your Account to exceed the applicable Maximum Deposit Limitation, discussed previously.