Deposit Accounts Credit Card Arrangements.Establishment of Custodial Accounts Deposits in Custodial Accounts.Collection of Receivable Payments Modifications of Receivables.TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.The Investment Account Eligible Investments.For each Remotely Created Check you give us for deposit or collection (with or without our prior permission), you warrant and agree as follows: Rather than an authorizing signature, the Remotely Created Check typically has in the normal signature space the printed name of the account holder or a statement that the account holder has authorized the check or that a signature is “ on file.” These checks are often created when an account holder grants authority over the phone for a payment.
Rather, the check is typically created by the payee party or its payment processor upon the authorization of the account holder. A “Remotely Created Check” is a check or draft not created on the account holder’s normal check stock and not actually signed by the account holder (the drawee). Any receipt and processing of any Remotely Created Checks by us without such written consent shall be a breach of this Agreement, shall not act to waive your ongoing promise to not deposit such items in the future, and may result in account closure. Our consent, if any, may be withdrawn at any time in our sole discretion. Even if we consent, you may be required to employ procedures established by us and to maintain a reserve account pledged to us in an amount we reasonably believe may be needed to cover future chargebacks, returned items, and/or claims that such items were unauthorized. You agree not to deposit any Remotely Created Checks (sometimes called “telechecks,” “ preauthorized drafts” or “ demand drafts”) without our separate express written consent.
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