Common use of Right to Refuse Deposits Clause in Contracts

Right to Refuse Deposits. We may refuse a deposit, or part of a deposit, at any time. We also may refuse a deposit after initially accepting it. If you request that we accept for deposit a substitute check that was not created by a financial institution or a check that has already been deposited at a financial institution but returned, we are under no obligation to accept the check for deposit. IF WE DO, HOWEVER, YOU AGREE TO INDEMNIFY AND HOLD US HARMLESS FROM ANY LOSS OR LIABILITY, INCLUDING CONSEQUENTIAL DAMAGES, ATTORNEY'S FEES, AND EXPENSES THAT MAY ARISE BECAUSE OF OUR ACCEPTANCE OF THE ITEM. We can reverse any amount we have added to your balance for a deposited check and send the check on a collection basis even after we have taken physical possession of the check. We will not be liable to you for refusing a deposit, even if it causes us to decline any transactions you have already made. If we refuse a deposit, we may take a check on a “collection basis,” which means we will not add funds to your balance until we have actually been paid for the check. Right to Charge Back Deposited or Cashed Items We reserve the right to charge back to your account the amount of any item deposited to your account or cashed for you which was initially paid by the payor bank and which is later returned to us due to an allegedly forged, unauthorized or missing indorsement, claim of alteration, encoding error or other problem which in our judgment justifies reversal of credit. You authorize us to attempt to collect previously returned items without giving you notice, and in attempting to collect we may permit the payor bank to hold an item beyond the midnight deadline. We can reverse any amount we have added to your balance for a deposited check and send the check on a collection basis even after we have taken physical possession of the check. We will not be liable to you for refusing a deposit, even if it causes us to decline any transactions you have already made. If we refuse a deposit, we may take a check on a “collection basis,” which means we will not add funds to your balance until we have actually been paid for the check. Envelope Depository We are not responsible for transactions by mail or outside the depository, or any other unattended facility until we actually record them. We will treat and record all transactions received after our “daily cutoff time” on a business day we are open or received on a day we are not open for business, as if initiated on the next business day that we are open. If you deliver a deposit to us and you will not be present when the deposit is counted, you must provide us an itemized list of the deposit (deposit slip). To process the deposit, we will verify and record the deposit, and credit the it to the Account. If there are any discrepancies between the amounts shown on the itemized list of the deposit and the amount, we determine to be the actual deposit, we will notify you of the discrepancy. You will be entitled to credit only for the actual deposit as determined by us, regardless of what is stated on the itemized deposit slip and you agree not to dispute that employee’s determination of the amount you deposited.