1. Description of Service
Mobile Deposits allows you to use a compatible camera‐enabled Mobile Device to scan original paper checks (“Checks”) and electronically transmit images of them along with associated deposit information to the Bank for deposit to your designated Account(s) through the Mobile App (“Electronic Checks”). The Service converts your scanned Checks into Electronic Checks, in accordance with the Check Clearing for the 21st Century Act (“Check 21 Act”) and Federal Reserve Board Regulation CC (“Regulation CC”), to facilitate the deposit and collection of Checks.
2. Qualifying Items
You can only deposit Checks payable in U.S. dollars drawn on financial institutions located in the United States through the Mobile Deposit Service. You cannot deposit, the following items:
3. Check Requirements
Any Electronic Check you transmit through the Service must accurately and legibly provide all the information on the front and back of the Check at the time it was presented to you. You must indorse the original Check with a restrictive endorsement before scanning it by applying your signature and the legend, “For Mobile Deposit at Piermont Bank Only.”
You agree that each Electronic Check shall provide the following information:
(1) Identification of the drawer and the paying bank that is preprinted on the Check, including complete, full‐ field, and accurate MICR (magnetic ink character recognition) line, routing transit number, number of the account on which the Check is drawn, and the drawer signature(s);
(2) amount, payee, date, Check number
(3) other information placed on the front of the Check and your endorsement applied to the back of the Check ‐ with the required restrictive endorsement. Both the front and back of each Check must be transmitted to the Bank as provided using on‐screen instructions. The Bank in its sole discretion may refuse to accept Electronic Checks that do not meet our Check Requirements or that do not include the restrictive endorsements.
4. Rejection of Deposits by Bank
You agree that all deposits received by us are subject to verification and final inspection and may be rejected by us in our sole discretion, and you shall be liable to the Bank for any errors, inaccuracies, breach warranties and any other loss sustained by, or claim made against the bank relating to such Deposits The Bank is not liable for any service charges or late charges that may be imposed against you due to the our rejection of any Electronic Check that you transmit for deposit through the Service. In all cases, you are responsible for any loss or overdraft plus applicable fees to your account due to an Electronic Check being rejected for deposit.
5. Checks Returned Unpaid
You are solely responsible for verifying that the Electronic Checks you deposit by using the Service have been received and accepted for deposit by the Bank. The Bank will provide you with notice of any deposits that are being reversed because an Electronic Check was returned unpaid by the payor financial institution. Applicable fees may apply.
6. Funds Availability
The funds for the Checks that you deposit through the Service may not be immediately available to you. The funds for all accepted Electronic Checks will be available in accordance with the Bank’s Funds Availability Disclosure, as amended from time to time. You understand and agree that we shall not be deemed to have received a Check deposit through the Service until we notify you via onscreen messaging and/or e‐mail that we accepted an Electronic Check for deposit.
The deposit cut‐off time for the Service is 4:00 PM Eastern Time (ET). The Bank reserves the right to change the cut‐off time in its sole discretion. Such change shall be effective immediately and may be implemented before you receive notice of the change. You may contact us at any time to verify our current cut‐off time.
If you complete the scanning and transmission process and receive notice that your deposit was received, Electronic Checks deposited before the cut‐off time on a Business Day will be considered received that same Business Day. Electronic Checks that are received by us through the Service after the cut‐off time on a Business Day, or on any day that is not a Business Day, will be considered received by us on the next Business Day.
7. Storage, Security and Destruction of Original Checks
You agree that once an Electronic Check has been deposited through the Service, the original paper Check is your property and not the property of the Bank. You shall securely store the original Check for a reasonable period, not to exceed ninety (90) days, after you receive a notice through the Service that the Electronic Check has been accepted by us. Upon request by the Bank you will promptly provide to the Bank a retained original Check (if available), or a legible copy of the front and back of the Check in a form acceptable to us, to aid in the clearing and collection process, or to resolve claims by third parties, or for our audit or fraud loss prevention purposes.
8. Prohibition Against Presenting Checks More Than Once
Once you have used the Service to deposit an Electronic Check, you agree not to present, or allow anyone else to present, that original Check or a substitute check of the original Check again for deposit through the Service or by any other means.
9. Deposit Limits
The Bank reserves the right to establish and assign deposit limits for the Service (including limits on the dollar amount and/or number of Checks that you deposit through the Service each day) and to modify such limits from time to time in the Bank’s sole discretion, and you agree to comply with all such limits.
10. Representations and Warranties
In addition to your representations and warranties contained in other provisions of this Agreement, you represent and warrant that:
11. Mobile Deposit Security
You understand that an image of an Electronic Check may be captured using your Mobile Device and stored in its memory only until the Electronic Check has been successfully submitted. You agree to promptly complete each Mobile Deposit. In the event that you are unable to promptly complete your deposit, you agree to ensure that your smartphone, tablet, or mobile device remains securely in your possession until the Mobile Deposit has been completed or to delete the associated images from the Mobile App.
12. Mobile Deposits ‐ Additional Terms and Conditions
The use of the Mobile Deposits\ Service is subject to all of the terms or instructions which may appear on‐screen when you access the Service, or in the user guides, and/or other information or documentation that the Bank may provide to you from time to time regarding the Service.