SUBSTITUTE CHECK POLICY DISCLOSURE Sample Clauses

SUBSTITUTE CHECK POLICY DISCLOSURE. 7.1 Substitute Checks and Your Rights
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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.
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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 A. Substitute Checks and Your Rights (1) 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 issued by you for payment, or other checks deposited by you, that you receive from us may be Substitute Checks. This notice describes the rights you have when you receive Substitute Checks from us. The rights in this notice do not apply to original checks or to electronic funds transfers to or from your Account. However, you have rights under other law with respect to those transactions as described elsewhere in this Agreement. (2) What are your rights regarding Substitute 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, non-sufficient funds fees). The amount of your refund under ...
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Related to SUBSTITUTE CHECK POLICY DISCLOSURE

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