Reviewing Your Account Statements Sample Clauses
The "Reviewing Your Account Statements" clause requires account holders to regularly examine their account statements for accuracy and to promptly report any discrepancies or unauthorized transactions. Typically, this clause outlines the timeframe within which customers must notify the financial institution of errors, such as 30 or 60 days after receiving a statement, and may specify the process for reporting issues. Its core practical function is to protect both the account holder and the institution by ensuring timely detection and resolution of errors or fraudulent activity, thereby minimizing financial loss and clarifying responsibilities.
Reviewing Your Account Statements. You are in the best position to discover issues or problems with your account, such as forged, unauthorized or missing signatures or endorsements, a material alteration, a missing or diverted deposit or any other error or discrepancy relating to a check, draft, or other instrument for the payment of money, deposit, or other credit or debit to your account. Therefore, you must promptly and carefully examine your statements and images of cancelled checks that we make available to you. If you think that an unauthorized person has withdrawn funds from your account, that one or more deposits is not reflected on your statements, or that there is any other type of error or discrepancy in your statements, you should notify us immediately and in no event later than thirty (30) calendar days (unless a longer period of time is required by Applicable Law) after we send you or otherwise make your account statement available to you. If you do not provide us with notice within this time frame, you may have to share any Losses that may occur on the account due to unauthorized signatures or alterations on your account, or bear the Losses entirely (depending on whether or not we used ordinary care in processing the check or if our actions or inactions substantially contributed to the Losses). This could include subsequent Losses perpetrated by the same individual.
Reviewing Your Account Statements. You are in the best position to discover issues or problems with your account, such as forged, unauthorized or missing signatures or endorsements, suspected fraud, a material alteration, a missing or diverted deposit, encoding errors made by you or us and any other error or discrepancy relating to a check, deposit or other credit or debit to your account. Therefore, you should carefully examine your statements and canceled checks or check images as soon as we make available to you.
Reviewing Your Account Statements. Your review of your statements, checks and other items is one of the best ways to help prevent the wrongful use of your account. You agree: • to review your statements, checks and other items and reconcile them as soon as they are made available to you; • that our statements provide sufficient information to determine the identification and authenticity of any transaction including without limit, whether any are forged, altered or unauthorized if the statement includes the item number, amount and the date the item posted to your account; • to report any problems or unauthorized transactions as soon as possible; and
Reviewing Your Account Statements. Your review of your statements, Checks and other items is one of the best ways to help prevent the wrongful use of your Account. You agree: (a) to review your statements, Checks and other items and reconcile them with reasonable promptness after they are made available to you; (b) to report any problems, errors or unauthorized transactions as soon as possible; and (c) within a reasonable time, not exceeding 30 days, after we send you a statement and any accompanying items (or otherwise make them available), to review your statement or items and report any problem, error or unauthorized transaction. For substitute Checks, you must notify us within 40 days to qualify for an expedited re-credit. If You Fail To Report Promptly: If you fail to notify us in writing of suspected problems, errors or unauthorized transactions with reasonable promptness after we make your statement or items available to you, (a) you may not make a claim against us relating to the unreported problems, errors or unauthorized transactions, regardless of the care or lack of care we may have exercised in handling your Account; and (b) you may not bring any legal proceeding or action against us to recover any amount alleged to have been improperly paid out of your Account. Certain Failures by Us: Even if you fail to report with reasonable promptness, if we fail to exercise ordinary care in paying an item and our failure substantially contributed to a loss, the loss will be allocated between you and us. If we did not pay the item in good faith, however, we will bear the entire loss. In the case of an unauthorized signature on, or any alteration of, an item, if you do not discover and report the item to us within 1 year after the statement or item is made available to you, then you may not assert any claim for the unauthorized signature or alteration. This limitation applies regardless of the care or lack of care exercised by you or by us. Status Quo – Collateral Preservation: We have the right to preserve our interests in your Account and any funds in your Account in which we have a lien given to us by law or in which you have granted us a security interest and pledge. This is our “collateral.” Accordingly, we may use appropriate administrative procedures, including (but not limited to) placing a temporary hold or “freeze” on your funds, to protect our interests if we believe that our collateral may be impaired or at risk due to any default, bankruptcy, breach of any agreement or promise, ...