Return Item definition

Return Item means (i) any items deposited into the Cash Collateral Account either before or after the date of this Agreement and returned unpaid or otherwise uncollected, whether for insufficient funds or for any other reason, and without regard to the timeliness of such return or the occurrence or timeliness of any drawee's notice of nonpayment; (ii) any items subject to a claim against Deposit Bank for breach of transfer or presentment warranty under the Uniform Commercial Code (as adopted in the State where the Cash Collateral Account is located), (iii) any ACH entry credited to the Cash Collateral Account and returned unpaid or subject to an adjustment entry under applicable clearing house rules, whether for insufficient funds or for any other reason, and without regard to the timeliness of such return or adjustment; (iv) any credit to the Cash Collateral Account from a merchant card transaction against which a contractual demand for chargeback has been made; and (v) any credit to the Cash Collateral Account made in error.

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Return Item means an Item that Customer instructs Aurum to return. Customer will provide Aurum with a reason for the return of Return Items.

Return Item will mean an Item that Customer instructs Fidelity to return. Customer will provide Fidelity with a reason for the return of Return Items.

Examples of Return Item in a sentence

• As to any Account with multiple owners, each owner agrees that they are jointly and severally liable for any overdraft paid by the Bank and subsequent Paid Item and Return Item fees.

• The Bank is not responsible for notifying you prior to incurring a Paid Item or Return Item Fee due to Insufficient/Unavailable Funds.

• We may limit the number of Return Item and Insufficient Funds fees we charge for a business day.

• If we return it, we will charge a Return Item Fee (even if we later decide to pay that item after we had initially decided to return it).

• Regardless of whether we choose to pay or return the check or debit, you agree that we may charge to, and debit from, your accounts an Overdraft Fee or Return Item fee as permitted by Applicable Law.

• The Paid Item and/or Return Item fees for all transactions shall be limited to no more than six (6) per day.

• You should be aware that, except in the case of debit card transactions, the order in which we post Debits to your account may increase the Overdraft Fees or Return Item Fees you have to pay if your Available Balance is not enough to pay the Debit when it is posted to your account.

• For all debit card transactions, we do not charge any Overdraft Fee or Return Item Fee if your Available Balance was sufficient to pay the transaction at the time we authorized it, regardless of our Available Balance at the time the transaction is posted to your account.

• If we choose to pay the check or debit, you agree to repay us immediately for the amount by which your account is overdrawn, and you agree that the overdrawn amount and any Overdraft Fee or Return Item Fee may be repaid out of any subsequent deposit to your accounts or set off against such deposit, including without limitation, deposits of Social Security, Supplemental Security Income or other government benefits.

• In this case, we may reject the check, in which case you will be charged a Return Item fee.