Common use of Items Deposited Clause in Contracts

Items Deposited. We may refuse, accept for collection only, or return all or part of any deposit even if, and after, the deposit has been credited to your account. We act only as your collection agent for transmitting items through our correspondent banks or directly to the paying bank, in accordance with our customary practices and applicable law. We assume no responsibility beyond the exercise of due care and shall not be liable for losses caused by any other party’s failure to act or willful or negligent action, or for loss in transit. Credit for items deposited is provisional and subject to revocation if the item is not paid for any reason. We reserve our rights under applicable law, including without limitation, the right to accept or reject a check for deposit, to revoke a provisional settlement, to charge back an account, or to claim a refund of a provisional credit. We shall not be deemed to have received items sent by mail or deposited in an ATM, night depository or any other type of depository until after we have received actual delivery of those items sent by mail or removed the contents from such depositories. All deposits received by us after our cutoff time or on a non-Business Day, including items received through the mail or removed from depositories after hours, will be deemed deposited on the next Business Day. If we elect to return any deposit, notice will be mailed to you at the address shown on our deposit records or, if applicable, you will be notified of its availability electronically, or it will otherwise be made available to you and the deposit shall cease to bear interest, if applicable, after the mailing of notice. You will be responsible for any loss or expense caused by your failure to properly identify the account to which a deposit is made or intended to be made.

Items Deposited. We may refuse, accept for collection only, or return all or part of any deposit even if, and after, the deposit has been credited to your account. We act only as your collection agent for transmitting items through our correspondent banks or directly to the paying bank, in accordance with our customary practices and applicable law. We assume no responsibility beyond the exercise of due care and shall not be liable for losses caused by any other party’s failure to act or willful or negligent action, or for loss in transit. Credit for items deposited is provisional and subject to revocation if the item is not paid for any reason. We reserve our rights under applicable law, including without limitation, the right to accept or reject a check for deposit, to revoke a provisional settlement, to charge back an account, or to claim a refund of a provisional credit. We shall not be deemed to have received items sent by mail or deposited in an ATM, night depository or any other type of depository until after we have received actual delivery of those items sent by mail or removed the contents from such depositories. All deposits received by us after our cutoff time or on a non-Business Daybanking day, including items received through the mail or removed from depositories after hours, will be deemed deposited on the next Business Daybanking day. If we elect to return any deposit, notice will be mailed to you at the address shown on our deposit records or, if applicable, you will be notified of its availability electronically, or it will otherwise be made available to you and the deposit shall cease to bear interest, if applicable, after the mailing of notice. You will be responsible for any loss or expense caused by your failure to properly identify the account to which a deposit is made or intended to be made.