Common use of Third-Party Checks Clause in Contracts

Third-Party Checks. Third-party checks deposited through Mobile Deposit may be rejected. All Check Images submitted for deposit must be payable to you and not to a third-party. In the event a third-party Check Image is received, a Substitute Check will be returned to you through the U.S. Postal Service mail and the deposit will not be processed. Neither Platform nor the Bank will be liable for any Substitute Checks that may become lost in the mail. Both Platform and the Bank reserve the right to reject a Mobile Deposit if it is made payable to the Bank and contains no means to identify the Account to which it should be credited. (G) Receipt of Check. Neither the Platform nor the Bank is responsible for Check Images not received or dropped during transmission. A Check Image will be deemed received only when Platform provides you with Electronic Notice confirming receipt of the Check Image. After receipt of your Check Image is confirmed, the Check Image will be subject to review before it is submitted for deposit and may still be rejected for any reason at the discretion of Platform and the Bank. An Electronic Notice confirmation is not a representation, warranty or other indication that the Check Image will be presented for deposit or will be honored by any collecting or paying bank. If Platform or the Bank rejects a Check Image received through the Mobile Deposit feature, you may contact the individual or company who issued the check, to request a new or reissued check be provided to you. If you do submit the original check for processing, Platform and the Bank reserve the right to refuse to process it and may instead require you to have the check reissued. (H)