Drawee Bank definition

Drawee Bank means the financial institution where a Customer maintains a checking account on which a Paper Check that serves as the source document to generate an Item at the POS Device or payment for a Transaction is drawn.

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Drawee Bank means the financial institution where a Customer maintains a checking or other deposit account

Drawee Bank. , in relation to a cheque, means the bank upon which the cheque is drawn;

Examples of Drawee Bank in a sentence

• Checks that are sent for collection are subject to payment by the Drawee Bank and are generally available within thirty (30) calendar days, but may take longer.

• If a Drawee Bank returns an image representing an item to Extraco unpaid, Extraco will charge Business Entity’s respective deposit account for such returned item and may either (1) return the item to Business Entity, or (2) re-present it to the Drawee Bank before returning it to the Business Entity.

• If a Drawee Bank or other third party makes a claim against Extraco or seeks re-credit with respect to any electronic item, Extraco may provisionally freeze or hold aside a like amount in the Business Entity’s deposit account pending investigation and resolution of the claim.

• If the Bank converts a digitized image to a substitute check, that substitute check will be presented to the Drawee Bank through the check collection channels that the Bank would otherwise use to present a check to the Drawee Bank.

• If a Drawee Bank or other third party makes a claim against Extraco or seeks re- credit with respect to any electronic item, Extraco may provisionally freeze or hold aside a like amount in the Business Entity’s deposit account pending investigation and resolution of the claim.

• U.S. Bank may offer and agree to provide a service whereby U.S. Bank shall act as your agent to arrange for the payment of foreign drafts issued by you via FX Web (the "Foreign Drafts"), which are drawn on the U.S. Bank's accounts at various banks with which the U.S. Bank has a correspondent relationship (such correspondent bank being the "Drawee Bank").

• If the Bank elects to process the item as an image exchange item, the Bank will forward the item for presentment to the Drawee Bank through the electronic item collection channels that the Bank would other use to present an electronic item to the Drawee Bank.

• If a Drawee Bank returns an image representing an item to Extraco unpaid, Extraco will charge Business Entity’s respective deposit account for such returned item and may either (1) return the item to Business Entity, or (2) re- present it to the Drawee Bank before returning it to the Business Entity.

• I/We hereby authorize the debiting of my/our account with the Drawee Bank named below, with the corresponding account number, of Total Purchase Amount (as stated above) in cleared funds, covering Drawee Bank: Check #: full payment for the Bonds covered by this Application in favor of the Selling Agent named below, for the account of the Bank.