Image Exchange Item definition

Image Exchange Item means a digitized image of an Item cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check.

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Image Exchange Item means a digitized image of a Check cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check.

Image Exchange Item. A digitized image of a Check cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check. Noncash Item: An item that would otherwise be a Check, except that: (i) a passbook, certificate or other document is attached; (ii) it is accompanied by special instructions, such as a request for special advice of payment or dishonor; (iii) it consists of more than a single thickness of paper, except a Check that qualifies for handling by automated check processing equipment; or (iv) it has not been pre-printed or post-encoded in magnetic ink with the routing number of the Payor Financial Institution.

Examples of Image Exchange Item in a sentence

• Without limitation, Member recognizes that under the Rule, the UCC, Regulation CC and the rules of any image exchange network Credit Union’s representations and warranties as regards Image Exchange Items and Substitute checks may expose Credit Union to claims for several years following processing of the Image Exchange Item or Substitute Check.

• Without limitation, you recognize that under the UCC, Regulation CC and the rules of any image exchange network our representations and warranties with regards to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• Notwithstanding the foregoing, Credit Union may redeposit any returned Substitute Check or Image Exchange Item consistent with the terms of the Deposit Account Agreements.

More Definitions of Image Exchange Item

Image Exchange Item. Any paper image or copy of an Original Check, Substitute Check, Sufficient Image Copy, or reproduction thereof, including a paper printout of an electronic image or photocopy.

Image Exchange Item means a digitized image of a Check cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check Noncash Item means an item that would otherwise be a Check, except that: (i) a passbook, certificate or other document is attached; (ii) it is accompanied by special instructions, such as a request for special advice of payment or dishonor; (iii) it consists of more than a single thickness of paper, except a Check that qualifies for handling by automated check processing equipment; or (iv) it has not been preprinted or post-encoded in magnetic ink with the routing number of the Payor Financial Institution.

Image Exchange Item means the digitized image created of an item and transmitted to us using Online Deposit for deposit, collection or payment, and maybe cleared and settled with a payor financial institution, with or without conversion to a Substitute Check.