Common use of Retention of Original Check Clause in Contracts

Retention of Original Check. Once your check image has been credited to your account, you must retain the original check for sixty (60) days; and then destroy it or xxxx it “VOID” or in some other way as to prevent its negotiation. 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 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 check 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 your account, regardless of whether such action may cause your account to not have sufficient funds, and to pay any associated fees.

Retention of Original Check. Once your check image has been credited to your account, you must retain the original check for sixty (60) days; and then destroy it or xxxx mark it “VOID” or in some other way as to prevent its negotiation. 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 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 check 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 your account, regardless of whether such action may cause your account to not have sufficient funds, and to pay any associated fees.