Common use of Issued Check File Clause in Contracts

Issued Check File. You agree to provide us with a list of the serial numbers, issue dates, payee names (exact spelling) and the exact amounts (dollars and cents) of the checks that you have issued (“Issued Check File”). We will match the check numbers, payee names and amounts against items presented to us through normal interbank check clearing procedures (e.g., local clearinghouse, Federal Reserve, or direct send presentment cash letter) (“Presented Checks”). You authorize and instruct us to pay Presented Checks that match the serial numbers, payee names and amounts set forth in an Issued Checks File received by us in your name, without further investigation or review by us. You agree that: (a) Presented Checks that match the check numbers, payee names and amounts are, and should be treated by us as, properly payable; (b) we have no duty to inspect Presented Checks for unauthorized or improper signatures or alterations or otherwise to take steps to determine whether they are properly payable; and (c) we may compare Issued Check File information with information that is encoded on Presented Checks. We assume no duty to identify and/or return duplicate checks, checks with duplicate serial numbers, mis-encoded items, checks with non-matching issue dates, or checks lacking an encoded serial number. We will not be required to physically examine matching checks to confirm that they are properly signed, completed and encoded. You agree that we may rely on the process described above and that it will be deemed an acceptable standard of care for this Service and youraccount.