Common use of Processing of Deposits Clause in Contracts

Processing of Deposits. We reserve, to the extent permitted by law, the right to reverse all credits and to make corrections and adjustments to your account (including corrections and adjustments for errors that are reflected on deposit tickets or receipts). We reserve the right to refuse to accept particular deposits, including the deposit of items on which endorsements are obscured or on which restrictive endorsements are missing, which we otherwise have reason to question. If you are permitted to pre-encode items, you agree not to use carrier documents (items placed inside envelopes) in high speed forward or return cash letters. If you do so, you will be responsible for all related losses and claims. You may not deposit “substitute checks” (as defined in the federal Check Clearing for the 21st Century Act) or checks bearing a substitute check legal equivalence statement (such as “This is a legal copy of your check. You can use it in the same way as you would use the original check.”) unless we have otherwise agreed in writing. Unless we agree otherwise in writing, our acceptance of such checks shall not obligate us to accept such items at a later time, and we may cease doing so without prior notice. If you submit images or data to us, you: (i) shall limit submissions to items which are eligible for such processing (for example, you may not submit savings bonds, foreign checks or checks in carrier documents in this manner); (ii) are responsible to assure that each file you transmit to us accurately reflects the items referenced therein (including all MICR line information), contains the information we need to produce a substitute check in compliance with Regulation CC, and identifies the bank of first deposit in the twenty-six (26) record, (and you understand that scanned checks are subject to return and adjustment if they do not satisfy applicable image quality acceptance standards); (iii) further understand that we are not responsible for detecting errors in the files or data that you transmit to us, information which duplicated information you previously provided to us or that contains information with respect to checks that you have previously transferred to, deposited with or attempted to clear through us or a third party to make payment based on, the checks reflected in the files you transmit to us; (iv) shall assure that the images you create accurately represent all of the information on the front and back of your checks, including all endorsements; (v) shall not alter any data you send us so that it does not accurately reflect the checks you received; (vi) shall retain the original scanned checks in a secure setting for no less than sixty (60) days, and make such checks available to us within five (5) Business Days of such request; (vii) shall destroy, by shredding, the original checks within one hundred twenty (120) days after scanning (unless otherwise agreed by the parties or unless doing so would be a violation of law, rule or regulation); (viii) agree that all Transaction data you transmit to us reflects the result of bona fide business Transactions between you and your customer and no such entries are, directly or indirectly, for the benefit of any third party, whether in a service bureau or other context.

Processing of Deposits. We reserve, to the extent permitted by law, the right to reverse all credits and to make corrections and adjustments to your account (including corrections and adjustments for errors that are reflected on deposit tickets or receipts). We reserve the right to refuse to accept particular deposits, including the deposit of items on which endorsements are obscured or on which restrictive endorsements are missing, which we otherwise have reason to question. If you are permitted to pre-encode items, you agree not to use carrier documents (items placed inside envelopes) in high speed forward or return cash letters. If you do so, you will be responsible for all related losses and claims. You may not deposit “substitute checks” (as defined in the federal Check Clearing for the 21st Century Act) or checks bearing a substitute check legal equivalence statement (such as “This is a legal copy of your check. You can use it in the same way as you would use the original check.”) unless we have otherwise agreed in writing. Unless we agree otherwise in writing, our acceptance of such checks shall not obligate us to accept such items at a later time, and we may cease doing so without prior notice. If you submit images or data to us, you: (i) shall limit submissions to items which are eligible for such processing (for example, Back to Top you may not submit savings bonds, foreign checks or checks in carrier documents in this manner); (ii) are responsible to assure that each file you transmit to us accurately reflects the items referenced therein (including all MICR line information), contains the information we need to produce a substitute check in compliance with Regulation CC, and identifies the bank of first deposit in the twenty-six (26) record, (and you understand that scanned checks are subject to return and adjustment if they do not satisfy applicable image quality acceptance standards); (iii) further understand that we are not responsible for detecting errors in the files or data that you transmit to us, information which duplicated information you previously provided to us or that contains information with respect to checks that you have previously transferred to, deposited with or attempted to clear through us or a third party to make payment based on, the checks reflected in the files you transmit to us; (iv) shall assure that the images you create accurately represent all of the information on the front and back of your checks, including all endorsements; (v) shall not alter any data you send us so that it does not accurately reflect the checks you received; (vi) shall retain the original scanned checks in a secure setting for no less than sixty (60) days, and make such checks available to us within five (5) Business Days of such request; (vii) shall destroy, by shredding, the original checks within one hundred twenty (120) days after scanning (unless otherwise agreed by the parties or unless doing so would be a violation of law, rule or regulation); (viii) agree that all Transaction data you transmit to us reflects the result of bona fide business Transactions between you and your customer and no such entries are, directly or indirectly, for the benefit of any third party, whether in a service bureau or other context.