Memo Post definition

Memo Post means any item, debit or credit, being presented to Bank for payment during the current business day.  We, our, us and Bank mean Silver Lake Bank.  You, your, Customer and Company refer to the accountholder authorized by Bank to use Silver Express Internet Banking under this Agreement and anyone else authorized by that accountholder to exercise control over the accountholder's funds through Silver Express Internet Banking. issued once Bank has received a signed Silver Express Internet Banking application form and verified your account information. For Cash Management Users, an authorized Company representative will designate a Company Administrator in writing, signed by an authorized Company representative, who will have authority to perform all functions on the Internet Banking System, and can add additional users and establish their respective authority levels. Bank will not monitor transactions through Silver Express Internet Banking to determine that they are made on behalf of the accountholder or that the User has the authority to initiate the transaction. As a Cash Management User, you agree that Bank will not be liable for unauthorized, fraudulent or criminal transactions made using Silver Express Internet Banking.

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Memo Post means any item, debit or credit, being presented to Bank for payment during the current business day.

Memo Post means to update an on-line file available to the on-line transaction processor. Memo posted allocations are immediately available for debit.

Examples of Memo Post in a sentence

• Changes in the currency exchange rate are likely to create a difference between the Provisional Credit we Memo Post at the time of the transaction and the actual amount received from the other institution at the time of Final Settlement of the Item.

• If there was a Memo Post of the Item previously, the Memo Post will become a Post at the time of Final Settlement.

• As noted above, the reduction in your Current Balance by a Memo Post debit does not remove funds from your account; it only reduces the amount of your then Current Balance.

• Memo Post A temporary credit (an increase in the Current Balance) or debit (a decrease in the Current Balance) to an Account Prior to a Final Settlement.

• A Memo Post is usually associated with transactions where the final amount of a debit may be unknown (such as a debit card merchant authorization) or a circumstance where an amount deposited into an Account is not immediately available under our Funds Availability Policy.

• Even though your Current Balance has been reduced, a Memo Post debit does not remove the funds from your Account.

• With some exceptions** (examples noted below), if no Final Settlement request is received by us from the merchant by the end of the third Business Day the Memo Post on your Account will be deleted, and the funds restored to your Current Balance.

• If the original authorization request and Memo Post debit was greater that the final settlement amount, any excess amount is restored to your Current Balance.

• If we approve the authorization request made by the merchant, we immediately reduce your Current Balance with a Memo Post debit to your Account.

• However, even if the Final Settlement request is not received within the three business days and the Memo Post debit is removed, a final settlement request by the merchant could still be received by us at a later date and will be paid by us as required by Visa regulations.