Common use of Account Adjustments Clause in Contracts

Account Adjustments. 1. The BANK may charge back any spurious, defective, erroneous, or lost check credited to the relevant Account regardless of the time that has elapsed, whether or not the check can be returned. 2. The BANK is authorized to effect any adjustments on what has been credited to/debited from the accounts to correct any error or mistake committed without need for further consent or authorization. In the event that the relevant Account of the COMPANY subject of the adjustment has insufficient balance, the BANK is authorized to debit and/or cause the debiting of the necessary amount, including fees and other charges, from the other accounts under the name of the COMPANY maintained with the Bank, its subsidiaries, or affiliates. 3. The BANK may choose any reasonable method to notify the COMPANY if any check transmitted through the BizLink Mobile App is returned or dishonored. Where it elects to do so, the COMPANY may physically re-deposit returned checks through the branch of the relevant Account, subject to the requirements and limitations imposed by the BANK and/or the regulators on re-presentment of returned checks. The physical deposit of the returned checks at any of the BANK’s branches shall be governed by the terms and conditions governing the COMPANY’s relevant Accounts.