SUBSTITUTE CHECK POLICY DISCLOSURE Sample Clauses

SUBSTITUTE CHECK POLICY DISCLOSURE. 7.1 Substitute Checks and Your Rights To make check processing faster, federal law permits credit unions and banks to replace original checks with “substitute checks”. These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some, or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.

SUBSTITUTE CHECK POLICY DISCLOSURE. This is a brief description of the Credit Union's implementation of the "Check 21" substitute check policy and how it impacts you.

SUBSTITUTE CHECK POLICY DISCLOSURE. Under regulations established by the Federal Reserve Board pursuant to the Check Clearing for the 21st Century Act (referred to as “Check 21”) that were written to comply with the Check 21 Act any check you write or deposit need no longer be returned for payment by the bank of the person to whom you wrote the check. Such other bank may instead send us a Substitute Check (as that term is defined in Section II(K) of this Agreement) or, in some cases, an electronic image by which we can create a Substitute Check. A Substitute Check that you receive is the legal equivalent of an original check for all purposes. The Check Clearing for the 21st Century Act requires that we provide you with the following disclosure entitled “Substitute Checks and Your Rights.” If you have any questions about this – or anything else relating to Check 21 – please give us a call at 0-000-000-0000

SUBSTITUTE CHECK POLICY DISCLOSURE. Substitute Checks and Your Rights What is a substitute check? To make check processing faster, federal law permits banks to replace original checks with “substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions. What are my rights regarding substitute checks? In certain cases, federal law provides a special procedure that allow s 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, bounced 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 recover additional amounts under other law. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.