Common use of Deposits of Foreign Checks Clause in Contracts

Deposits of Foreign Checks. We generally take foreign checks for deposit only on a “collection basis.” If we accept an Item on a “collection basis,” we will not credit your Account with the funds until we receive payment from the payor’s financial institution. See the Fee Schedule for fees that may apply. We will use a foreign currency buying or selling rate that may be different than the rate we use for other types of transactions. You assume the risk of foreign currency rate changes and late returns since foreign banks are not subject to U.S. banking regulations and may not return unpaid checks timely.

Deposits of Foreign Checks. We generally take foreign checks Checks for deposit only on a “collection basis.” If we accept an Item on a “collection basis,” we will not credit your Account with the funds until we receive payment from the payor’s financial institution. See the Fee Schedule for fees that may applyapply to Clean Check Collections services. We will use a foreign currency buying or selling rate that may be different than the rate we use for other types of transactions. You assume the risk of foreign currency rate changes and late returns since foreign banks are not subject to U.S. banking regulations and may not return unpaid checks Checks timely.