Common use of DEPOSIT RULES Clause in Contracts

DEPOSIT RULES. If any endorsement or any other markings made by you or any prior endorser on a deposited item cause delay or error in processing the item for payment, you will be responsible for any loss incurred by the Credit Union due to the delay or error. In handling items for deposit or collection, the Credit Union reserves the right to send any item for collection. The Credit Union shall have the right to place a check hold upon deposit (please refer to the Credit Union’s Funds Availability Policy within the Truth in Savings disclosure) or charge back against your account all previously deposited items or other items endorsed by you that are returned to the Credit Union unpaid, regardless of whether the amount of the item has been available for your use. You waive any notice on nonpayment, dishonor or protest regarding any items received by the Credit Union for credit to your account or for collection.