Common use of FOREIGN ITEMS Clause in Contracts

FOREIGN ITEMS. If an item that is payable at a foreign bank or in a foreign currency is deposited, you will be responsible for all collection charges and exchange rate risk on it. You understand that we will not credit such a deposit until receiving the proceeds in United States currency. RETURNED ITEMS. We can debit the account for the amount of any deposited item that is returned unpaid. We can reprocess the item, but you do not require it. We can process a copy, electronic entry, or other evidence of the returned item. You waive presentment, notice of dishonor, and protest. CREDIT REPORTS. You authorize us to obtain reports about you periodically from organizations such as consumer reporting agencies, check reporting services, and other credit reporting entities, and to provide them information. INCOMPLETE ITEMS. If an authorized signer authorizes any item that is not completed, you will not hold us responsible for paying it as completed by anyone unless we actually know it was completed in an unauthorized way.