Common use of Retention of Original Check Clause in Contracts

Retention of Original Check. Once your Check Image has been credited to Varo Bank Account you must mark the original check as “VOID” and retain the check for sixty (60) days. You may not present the original check or any image or substitute check created from the original check for payment at any other financial institution. During this sixty (60) day period, you must store the original paper check securely using precautions at least as secure as those you would use to protect a blank check, and you must make the original paper check available to us for review at any time and as necessary for us to facilitate the clearing and collection process, to address third-party claims or for our own audit purposes. Should you fail to produce the original paper check, you authorize us to deduct the amount of the check in question from the Bank Account, regardless of whether such action may cause the Bank Account to not have sufficient funds, and to pay any associated fees. Immediately after this sixty (60) day period, you must destroy the original paper check. Endorsement Requirements You will endorse any check or other item submitted for deposit exactly as it was made payable to you. You warrant that all endorsements on items deposited to the Bank Account are genuine. If you fail to do this, you may be required to reimburse us for losses incurred. For any check deposited as a Check Image through Mobile Check Deposit, you must endorse the check by signing or stamping the back and writing “For Mobile Deposit Only at Varo" or as otherwise instructed by us before you take a picture of the check. In the absence of endorsement, you authorize us to supply any missing endorsements if items are made payable to you or your order and you have not endorsed them.

Retention of Original Check. Once your the funds from the Check Image has have been credited to Varo Bank Account your Stash Account, you must mark the original check as “VOID” and retain the check it for sixty (60) days. You may not present the original check Original Check or any image or substitute check Substitute Check created from the original check Original Check for payment at any other financial institution. During this sixty (60) day period, you must store the original paper check Original Check securely using precautions at least as secure as those you would use to protect a blank check, and you . You must make the original paper check Original Check available to us Stash or the Bank for review at any time and during this sixty (60) day period as necessary for us to facilitate the clearing and collection deposit process, to address third-party claims claims, or for our own audit purposes. Should you fail to produce the original paper checkOriginal Check, you authorize us Stash or the Bank to deduct the amount of the check in question from the Bank your Stash Account, regardless of whether such action may cause the Bank your Account to not have sufficient funds, and to pay any associated fees. Immediately after this sixty (60) day period, you must securely and thoroughly destroy the original paper checkOriginal Check. MRDC Endorsement Requirements You will endorse any check or other item submitted for deposit exactly as it was made payable to you. You warrant that all endorsements on items deposited to the Bank your Account are genuine. Any endorsement must be placed in the one-inch area starting at the left side on the back of an item, and the remaining area on the back of the item may not contain any preprinted, stamped, or handwritten information. If you fail to do this, you may be required to reimburse us Stash for losses incurred. For any check deposited as a Check Image through Mobile Check DepositMRDC Service, you must endorse the check by signing or stamping the back and writing including a restrictive endorsement of: “For Mobile Deposit Only at Varo" to Stash #XXXXXXXXXX” or as otherwise instructed by us Stash before you take a picture of the check. In Check Images received that are not endorsed in accordance with this provision may be rejected. You authorize Stash or the absence of endorsement, you authorize us Bank to supply any missing endorsements if items are made payable to you or your order and you have not endorsed them. You warrant that all endorsements on items deposited to your Account are genuine. Endorsements must be placed only in the area so designated on the reverse side of the check. The remaining area of the check cannot contain any preprinted, stamped, or handwritten customer information. MRDC Check Forms and Special Conditions We reserve the right to disregard any information on the check other than the drawer's signature, the payee, the amount, any magnetically-encoded information at the bottom of the check, and endorsements on the reverse side of the check unless we have previously agreed to do so in writing. For example, we will not be liable for any damages because we pay an Item that contains any conditional statement or restriction such as "Void after 90 days," "Void over $100," "Payment in Full," or "Two Signatures Required." We will adhere to such conditional statements only if you notify us of the statements before the Item is presented and we have specifically agreed in writing to honor such conditional payment restrictions. If an Item is returned or payment is delayed as a result of any writing or marking that you or a prior endorser placed on the front or back of the Item, you will be responsible for any cost and liabilities associated with such return or delay.