Common use of The Disbursement Account Clause in Contracts

The Disbursement Account. You will complete and submit documentation provided by us to open a zero balance controlled disbursement checking account (the “Disbursement Account”) with us. We do not review items drawn on or debits to the Disbursement Account and assume no responsibility for any fraud or errors related to such items or debits on that Account (e.g., forged or altered items, misencodings, missing endorsements, counterfeit items, legends or notations, postdated items, unauthorized debits or other irregularities). You will maintain sufficient collected funds in your Funding Account to pay all Controlled Disbursement Items.