Default Check definition
Default Check means a check sent to a designated student where the student has not made a refund preference selection within 21 days after being notified of its availability, BankMobile automatically mails a default check to the student before the expiration of the 21-day period.
Default Check means a UFO Check (Unidentified (re)Fund Option) sent to a designated student address to comply with the Title IV Regulations, as defined below, because, after 21 days, the recipient of a refund has not specified how he/she would like to receive his/her refund or BankMobile cannot otherwise deliver the refund.
Examples of Default Check in a sentence
Per Default Check: $1.50 To the extent that the Institution processes less than 90% of all Disbursements through BankMobile’s Refund Management® system in any given semester, BankMobile reserves the right to charge the Institution an account maintenance fee of $1 per month per User.
Per Default Check Disbursement (includes any and all checks): $2.50 Customers Bank will collect all replacement card fees directly from Users.
Events of Default (Check one): / / The undersigned does not have knowledge of the occurrence of a Default or Event of Default under the Credit Agreement.