Processing of Deposits Clause Samples

The "Processing of Deposits" clause defines how and when deposits made by one party are handled by the other party or a third party, such as an escrow agent. It typically outlines the procedures for receiving, holding, and applying the deposit funds, including any conditions that must be met before the deposit is released or refunded. This clause ensures transparency and security in financial transactions by clarifying the treatment of deposits, thereby reducing the risk of disputes over payment handling.
Processing of Deposits. We reserve, to the extent permitted by law, the right to reverse all credits and to make corrections and adjustments to your account (including corrections and adjustments for errors that are reflected on deposit tickets or receipts). We reserve the right to refuse to accept particular deposits, including the deposit of items on which endorsements are obscured or on which restrictive endorsements are missing, which we otherwise have reason to question. If you are permitted to pre-encode items, you agree not to use carrier documents (items placed inside envelopes) in high speed forward or return cash letters. If you do so, you will be responsible for all related losses and claims. You may not deposit “substitute checks” (as defined in the federal Check Clearing for the 21st Century Act) or checks bearing a substitute check legal equivalence statement (such as “This is a legal copy of your check. You can use it in the same way as you would use the original check.”) unless we have otherwise agreed in writing. Unless we agree otherwise in writing, our acceptance of such checks shall not obligate us to accept such items at a later time, and we may cease doing so without prior notice. If you submit images or data to us, you: (i) shall limit submissions to items which are eligible for such processing (for example, you may not submit savings bonds, foreign checks or checks in carrier documents in this manner); (ii) are responsible to assure that each file you transmit to us accurately reflects the items referenced therein (including all MICR line information), contains the information we need to produce a substitute check in compliance with Regulation CC, and identifies the bank of first deposit in the twenty-six (26) record, (and you understand that scanned checks are subject to return and adjustment if they do not satisfy applicable image quality acceptance standards); (iii) further understand that we are not responsible for detecting errors in the files or data that you transmit to us, information which duplicated information you previously provided to us or that contains information with respect to checks that you have previously transferred to, deposited with or attempted to clear through us or a third party to make payment based on, the checks reflected in the files you transmit to us; (iv) shall assure that the images you create accurately represent all of the information on the front and back of your checks, including all endorsements; (v) shall not alter ...
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Processing of Deposits. Client shall supply and utilize serialized, tamper-proof bags to be used for delivery of its vault deposits. Client shall place checks, coin, and currency for deposit in a bag with a completed deposit slip for the Account. The Bank is not responsible for the Bag or its contents until accepted at the Bank branch or designated vault location. Deposits will be receipted, and provisional credit assigned (subject to verification), based on the amount identified on the deposit ticket, and in accordance with the terms of Client’s Accounts. • Deposits that do not contain legible “said to contain” deposit amounts on the deposit ticket are subject to delayed ledger credit of one Business Day; • Deposits that do not contain a deposit slip are subject to immediate rejection and return by Bank to Client or if accepted by request of the Client, the count performed by Bank will stand as final verification of thedeposit; • Coin and currency will be counted, and Bank’s count will be the valid and controlling count; • If Bank's count varies from Client's count, a credit or debit adjustment will be made to the Account for the difference, and upon request, Bank will provide Client with any available information reasonably related to assisting Client in the reconciliation of the difference; • Crediting and availability of all Check deposits is subject to the terms of Client’s Account Agreements; and • Client shall be responsible for any foreign coin or currency items, slugs, tokens, counterfeit items, or other items that are not valid U.S. coin or currency.
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Processing of Deposits. Select (Bank Use Only) Type of Deposit Availability SMART Safe with Advance Credit Product: Provisional Credit Upon Bank’s receipt of Deposit Report transmission SMART Safe Product : standard Upon Verification Bagged Deposit: Provisional Credit Upon Vault’s receipt of Deposit Report Bagged Deposit: standard (w/o coin) Upon Verification Bagged Deposit: late (w/o coin) Upon Verification N/A Other Items* N/A a. Subject to Section 4 (c) all standard types of Deposits (excluding Deposits with coin) must be delivered to Vault by 3:00 p.m. for Verification in order for the Deposit to be available the same Business Day. b. Subject to Section 4 (c) any Bagged Deposit submitted after 3:00 p.m. will be considered a late Bagged Deposit to be available the next Business Day. c. No Bagged Deposit containing coin will be available the same Business Day. Bagged Deposits containing coin must be delivered to Vault by 3:00 p.m. for next Business Day Verification to be available next Business Day. Bagged Deposits containing coin delivered to Vault after 3:00 p.m. will be available the second Business Day. d. All credit for Deposits is subject to Verification and correction and shall be subject to adjustment due to any errors, counterfeit notes, and/or inaccurate counts. If Customer’s Deposit Report reflects an amount that is less than the Deposit, Bank will make an adjustment and credit Customer’s Specified Account accordingly. If the amount of Cash delivered to Vault is less than the amount reported in the Deposit Report, regardless of the reason or circumstances, Bank will reverse any credit in excess of the Provisional Credit given to Customer. Customer is obligated to Bank for any adjustment and related effects. e. If applicable, Bank will post Provisional Credit in the Specified Account for Cash on the Business Day Bank receives the Deposit Report, subject to Bank’s standard business account deposit rules. If Customer meets Bank’s requirements, a Provisional Credit threshold will be established by Bank as part of the customer relationship management process. Any funds Deposited in excess of the Provisional Credit threshold will be subject to a one (1) day hold. Once Bank posts Provisional Credit to the Specified Account based on a Deposit Report, Customer hereby grants Bank a security interest in all such Cash. Customer further agrees that once Cash is deposited in the Safe Product, the Customer shall be deemed responsible to be holding the Cash in the Safe Product for t...
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Processing of Deposits 
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Related to Processing of Deposits

  • Crediting of Deposits Deposits made after the deposit cutoff time and deposits made on either holidays or days that are not our business days will be credited to your account on the next business day.

  • Processing of Deposit files The use of compression is recommended in order to reduce electronic data transfer times, and storage capacity requirements. Data encryption will be used to ensure the privacy of registry escrow data. Files processed for compression and encryption will be in the binary OpenPGP format as per OpenPGP Message Format -­‐ RFC 4880, see Part A, Section 9, reference 3 of this Specification. Acceptable algorithms for Public-­‐key cryptography, Symmetric-­‐key cryptography, Hash and Compression are those enumerated in ▇▇▇ ▇▇▇▇, not marked as deprecated in OpenPGP IANA Registry, see Part A, Section 9, reference 4 of this Specification, that are also royalty-­‐free. The process to follow for the data file in original text format is: (1) The XML file of the deposit as described in Part A, Section 9, reference 1 of this Specification must be named as the containing file as specified in Section 5 but with the extension xml. (2) The data file(s) are aggregated in a tarball file named the same as (1) but with extension tar. (3) A compressed and encrypted OpenPGP Message is created using the tarball file as sole input. The suggested algorithm for compression is ZIP as per ▇▇▇ ▇▇▇▇. The compressed data will be encrypted using the escrow agent’s public key. The suggested algorithms for Public-­‐key encryption are Elgamal and RSA as per ▇▇▇ ▇▇▇▇. The suggested algorithms for Symmetric-­‐key encryption are TripleDES, AES128 and CAST5 as per ▇▇▇ ▇▇▇▇. (4) The file may be split as necessary if, once compressed and encrypted, it is larger than the file size limit agreed with the escrow agent. Every part of a split file, or the whole file if not split, will be called a processed file in this section. (5) A digital signature file will be generated for every processed file using the Registry Operator’s private key. The digital signature file will be in binary OpenPGP format as per RFC 4880 Section 9, reference 3, and will not be compressed or encrypted. The suggested algorithms for Digital signatures are DSA and RSA as per ▇▇▇ ▇▇▇▇. The suggested algorithm for Hashes in Digital signatures is SHA256. (6) The processed files and digital signature files will then be transferred to the Escrow Agent through secure electronic mechanisms, such as, SFTP, SCP, HTTPS file upload, etc. as agreed between the Escrow Agent and the Registry Operator. Non-­‐electronic delivery through a physical medium such as CD-­‐ROMs, DVD-­‐ROMs, or USB storage devices may be used if authorized by ICANN. (7) The Escrow Agent will then validate every (processed) transferred data file using the procedure described in Part A, Section 8 of this Specification.

  • Payment of Deposits In the event any depositor does not accept the obligation of the Assuming Institution to pay any Deposit liability of the Failed Bank assumed by the Assuming Institution pursuant to this Agreement and asserts a claim against the Receiver for all or any portion of any such Deposit liability, the Assuming Institution agrees on demand to provide to the Receiver funds sufficient to pay such claim in an amount not in excess of the Deposit liability reflected on the books of the Assuming Institution at the time such claim is made. Upon payment by the Assuming Institution to the Receiver of such amount, the Assuming Institution shall be discharged from any further obligation under this Agreement to pay to any such depositor the amount of such Deposit liability paid to the Receiver.

  • Release of Deposits Escrow Agent will make available for electronic download (unless otherwise requested) to ICANN or its designee, within twenty-­‐four (24) hours, at the Registry Operator’s expense, all Deposits in Escrow Agent’s possession in the event that the Escrow Agent receives a request from Registry Operator to effect such delivery to ICANN, or receives one of the following written notices by ICANN stating that: 6.1. the Registry Agreement has expired without renewal, or been terminated; or 6.2. ICANN has not received a notification as described in Part B, Sections 7.1 and

  • Time Deposits Without prejudice to any right of set-off any Secured Party may have under any other Finance Document or otherwise, if any time deposit matures on any account the Chargor has with any Secured Party within the Security Period when: (a) this Security has become enforceable; and (b) no Secured Liability is due and payable, that time deposit will automatically be renewed for any further maturity which that Secured Party considers appropriate.