Remotely Created Check definition

Remotely Created Check means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn.
View Source
Remotely Created Check means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the Person on whose financial account the check is drawn. A remotely created check is often referred to as a “demand draft,” “telephone check,” or “preauthorized draft.” For purposes of this definition, a Remotely Created Check originates as a paper-based transaction, but can be processed subsequently through electronic means (such as through checking imaging or scanning) or through non-electronic means.
View Source
Remotely Created Check means a check, including a
View Source

Examples of Remotely Created Check in a sentence

  • If you use a Service wherein you create or deposit a Remotely Created Check, as that term is defined in Federal Reserve Board Regulation CC, you warrant to Financial Institution that the person on whose account the Remotely Created Check is drawn authorized the issuance of the check in the amount stated on the check and to the payee stated on the check.

  • Customer further warrants and represents that any use of a Remotely Created Check is in full compliance with the Federal Trade Commission’s Telemarketing Sales Rule (16 CFR 310), as applicable.

  • If Customer uses a Service wherein Customer creates or deposits a Remotely Created Check, as that term is defined in Regulation CC, Customer warrants to Bank that the Person on whose account the Remotely Created Check is drawn authorized the issuance of the Remotely Created Check in the amount stated on the check and to the payee stated on the check.

  • If you use a Service wherein you create or deposit a Remotely Created Check, as that term is defined in Federal Reserve Board Regulation CC, you warrant to the Bank that the person on whose account the Remotely Created Check is drawn authorized the issuance of the check in the amount stated on the check and to the payee stated on the check.

  • If you use a service wherein you create or deposit a Remotely Created Check, as that term is defined in Reg.


More Definitions of Remotely Created Check

Remotely Created Check means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the Person on whose financial account the check is drawn. A Remotely Created Check is often referred to as a
View Source
Remotely Created Check. , which means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn. (12 CFR 229.2(fff)). Barkley Clark comments on remotely created checks in his treatise, The Law of Bank Deposits, Collections and Credit Cards. He observes that checks that are created remotely are big business for depositary banks and their merchant depositors and that telemarketers and credit card companies are well-known users. Although remotely created checks are associated with telephone transactions, they are also being used in Internet transactions and by credit card companies as a way to get quick payment. Further, promoters of the use of remotely created checks believe that these instruments can be processed more quickly and cheaply than other types of payment methods. According to Mr. Clark, checks created by the payee are known by a variety of names – phone checks, telechecks, preauthorized drafts, and paper drafts. Clark, The Law of Bank Deposits, Collections and Credit Cards, Section 10.02[2].
View Source
Remotely Created Check means a check that is drawn on a customer account at a bank, is not created by the paying bank, and does not bear a signature
View Source
Remotely Created Check or "RCC" means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose financial account the check is drawn, as further defined in and governed by Regulation CC, as amended, 12 C.F.R. Part 229. A Remotely-created Check is often also referred to as a "demand draft," "bank draft," "bank check," or "preauthorized draft." For purposes of this definition, an RCC originates as a paper-based transaction, and can be processed subsequently through electronic means (such as through check imaging or scanning), or through non-electronic means.
View Source
Remotely Created Check or “RCC” means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the Person on whose financial account the check is drawn. A remotely created check is often also referred to as a “demand draft,” “telephone check” or “preauthorized draft.” For purposes of this
View Source
Remotely Created Check means a writing not signed by a customer that is created by a third party under the purported authority of the customer for the purpose of charging the customer's account with a A remotely created check shall contain the customer's account and may contain any or all of the following:
View Source
Remotely Created Check means any paper check not created by the paying bank and not bearing a signature applied (or purporting to be applied) by the person on whose account the check is drawn, and shall be construed to include (without limitation) instruments known as demand drafts, bank drafts, telechecks, or sight drafts.
View Source