Provisional Credit, Final Payment and Charge Back Sample Clauses

Provisional Credit, Final Payment and Charge Back. All non-cash items (for example, checks) deposited to your Account (including items drawn on another account with us) are provisionally credited to your Account, subject to our receipt of final payment from the bank on which such item was drawn. Upon our receipt of final payment, the item becomes a collected item. If final payment is not received or if any item you have deposited or cashed is charged back to us for any reason, you authorize us to charge any of your Accounts, without prior notice and at any time, for the amount of the returned item, our returned item fee, any interest paid on that item, and any Costs. This authorization applies without regard to whether or not the item is returned to us, whether or not the item was deposited or returned by electronic or other means, whether or not the bank on which the item was drawn returned the item before its midnight deadline and whether or not doing so results in an overdraft in your Accounts. Furthermore, if an item you deposit or cash is finally paid by the bank on which it was drawn and that bank later returns the item to us claiming that it was altered, forged, unauthorized, or should not have been paid for some other reason, you authorize us to debit any of your Accounts for the amount of the item (along with our returned item fee, any interest paid on that item, and all Costs), even if doing so results in an overdraft in your Accounts. We are not obligated to question the truth of the facts that are asserted, to assess the timeliness of the claim, to take any action to recover payment of a returned item, or to assert any defense. We do not need to notify you in advance of our actions related to the claim. Unless we receive written instructions from you to the contrary, we will automatically redeposit any item upon its first unpaid return to us where the reason for that return is insufficient funds or uncollected funds. We are authorized to pursue collection of a previously dishonored item and, in so doing, may permit the bank on which that item is drawn to hold it beyond any applicable deadline.
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Related to Provisional Credit, Final Payment and Charge Back

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