Check Deposits and Mobile Deposit Services Clause Samples

The "Check Deposits and Mobile Deposit Services" clause outlines the terms under which customers can deposit checks into their accounts, including through mobile banking applications. It typically details the procedures for endorsing checks, limits on deposit amounts, and the timeframe for funds availability when using mobile deposit features. This clause ensures that both the bank and the customer understand the rules and responsibilities associated with depositing checks, thereby reducing errors and clarifying the process for remote deposits.
Check Deposits and Mobile Deposit Services. As defined in the Check Clearing for the 21st Century Act (“Check 21”), a “check” is a draft, payable on demand and drawn on or payable through or at an office of a bank, whether or not negotiable, that is handled for forward collection or return, including substitute checks (see Section 6.1.1) and travelers checks. You can only deposit checks into the Account using the mobile deposit capture services (the “MDC Services,” as further described herein) and in accordance with the terms of this Agreement. 6.1 Substitute Checks and Your Rights Federal rules for Check 21 allow banks to replace original checks with “substitute checks,” as defined in Check 21. Below are the details and your rights related to substitute checks.
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Check Deposits and Mobile Deposit Services. You can only deposit checks into the Account using the mobile deposit capture services (the “MDC Services,” as further described herein) and in accordance with the terms of this Agreement. The MDC Services allow you to make deposits to your Account from a compatible mobile device by scanning or photographing checks and delivering the images and associated deposit information to us or our designated processor. By using the MDC Services, you agree to comply with all applicable laws and regulations and National Automated Clearing House Association (NACHA) rules that apply to remote deposit check capture processing and ACH transaction processing. As defined in the Check Clearing for the 21st Century Act (“Check 21”), a “check” is a draft, payable on demand and drawn on or payable through or at an office of a bank, whether or not negotiable, that is handled for forward collection or return, including substitute checks (see Section 6.1.1) and travelers checks. 6.1 Substitute Checks and Your Rights Federal rules for Check 21 allow banks to replace original checks with “substitute checks,” as defined in Check 21. Below are the details and your rights related to substitute checks.
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Related to Check Deposits and Mobile Deposit Services

  • Mobile Deposit The Mobile Deposit feature enables you to use a software application together with your Wireless Access Device to create electronic images of the front and back of certain Original Checks (defined below) and transmit those images and other information, including, without limitation, information captured from the magnetic ink character recognition (“MICR”) line, to us for review and processing in accordance with this Agreement.

  • Direct Deposits The Credit Union may offer direct deposit options allowing you to preauthorize deposits (i.e., payroll checks, Social Security or retirement checks, or other government checks) or preauthorize transfers from other accounts at the Credit Union. You must authorize any direct deposits to your accounts by a separate authorization form. If applicable, you must notify the Credit Union at least thirty (30) days prior to any direct deposit or preauthorized transfer if you wish to cancel or change the direct deposit or direct transfer option. Upon a filing of a bankruptcy, if you fail to cancel any direct deposit authorization, you instruct your employer and the Credit Union to make and apply direct deposits in accordance with your authorization on file with the Credit Union. If the Credit Union is required to reimburse the U.S. Government for any benefit payment directly deposited into your account for any reason, you agree the Credit Union may deduct the amount returned from any of your accounts, unless prohibited by law.

  • Lockbox Account Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Account.

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • Direct Deposit If you have arranged to have a direct deposit made to your account at least once every 60 days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling (▇▇▇) ▇▇▇-▇▇▇▇. This does not apply to transactions occurring outside the United States.