Common use of Statement of Service Clause in Contracts

Statement of Service. Subject to the terms and conditions of this Agreement, Bank shall provide to Customer a Service which allows Customer to leverage Customer’s existing imaging infrastructure to capture images of consumer and business checks received at Customer’s offices in an Image Cash Letter file (“File”) and transmit the File to Bank for processing in accordance with the terms of this Agreement. The File consists of imaged checks and check data, including an image of the front and back of the check (each an “Image”) and will capture the Magnetic Ink Character Recognition (MICR) line of the Check, including the routing transit number, account number, and when encoded, the check amount, serial number and process control field. If the File meets the requirements of this Agreement, Bank will provisionally credit Customer’s Account for the amount of the deposit and will enter the images of the checks into the collection process in accordance with the Deposit Account Agreement and this Agreement.