Rights Regarding Substitute Checks Sample Clauses
The 'Rights Regarding Substitute Checks' clause defines the rights and protections afforded to account holders when their original paper checks are replaced with substitute checks, which are legally recognized digital or paper copies. This clause typically outlines how customers can request copies of substitute checks, dispute errors related to them, and the process for seeking reimbursement if a substitute check is incorrectly processed. Its core function is to ensure that customers are not disadvantaged by the use of substitute checks, providing clarity and recourse in the event of errors or disputes.
Rights Regarding Substitute Checks. In certain cases, federal law provides a special procedure allowing you to request a refund for losses suffered if a substitute check is posted to your account (i.e. you think the Credit Union withdrew an incorrect amount from your account or that the Credit Union withdrew money from your account more than once for the same check).
i. The losses you may attempt to recover under this procedure may include the amount withdrawn from your account and the fees that resulted from the withdraw
Rights Regarding Substitute Checks. Substitute checks will be treated like original checks. In certain cases, federal law provides a special procedure that allows You to request a refund for losses You suffer if a substitute check is posted to Your account (for example, if You think that We withdrew the wrong amount from Your account or that We withdrew money from Your account more than once for the same check). The losses You may attempt to recover under this procedure may include the amount that was withdrawn from Your account and fees that were charged as a result of the withdrawal (for example, NSF check fees). The amount of Your refund under this procedure is limited to the amount of Your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of Your refund if Your account is an interest-bearing account. If Your loss exceeds the amount of the substitute check, You may be able to re-cover additional amounts under other law. If You use this procedure, You may receive up to twenty- five hundred ($2,500) of Your refund (plus interest if Your account earns interest) within ten (10) business days after We received Your claim and the remainder of Your refund (plus interest if Your account earns interest) no later than forty-five