Common use of REJECTED AND RETURNED ITEMS Clause in Contracts

REJECTED AND RETURNED ITEMS. You understand and agree that CUTX reserves the right, at our sole and absolute discretion, to accept or reject any check image that you attempt to deposit through the Deposit Check Service, even if the check image is error-free. You agree that CUTX is not liable for any service charges or late charges levied against you due to our rejection of any item you transmit through the Deposit Check Service. You understand and agree that any initial credit to your Designated Account with your use of the Deposit Check Service is subject to be debited from the Designated Account until CUTX receives final payment from the financial institution on which the deposited item is drawn. Upon our receipt of any unpaid returned item, you authorize CUTX to debit your Designated Account or any account you hold with CUTX. You understand that in all cases, you are responsible for any loss, overdraft, and any applicable fees to your Designated Account due to an item being returned as unpaid, for any reason without regard to whether the item is returned timely or whether there is any other claim or defense that the item has been improperly returned to CUTX. You are responsible for verifying CUTX’s receipt of your deposit by verifying that the deposit has been posted to the appropriate account in addition to cooperating in any investigation and resolving any unsuccessful or lost transmission to CUTX.