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#928651 - 03/24/08 03:26 PM Deposit Slip UCC Language
elcinoca Offline
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Posts: 537
Elizabeth City, NC
What is the primary reason(s) this language is on the typical deposit ticket?

"Checks and other items are received for deposit subject to the provisions of the Uniform Commercial Code or any applicable collection agreement."

If the same or similar language is in the Account Terms and Conditions document, does it need to be on the deposit slip? What are the dangers/disadvantages if this language is omitted from the deposit slip?

MarkB

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#1427343 - 08/11/10 04:24 PM Re: Deposit Slip UCC Language elcinoca
Whyisit Offline
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We just had the same question come up - anyone?

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#1427388 - 08/11/10 04:53 PM Re: Deposit Slip UCC Language Whyisit
John Burnett Offline
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IMO, such language appears on some banks' deposit slips as a vestige of the old days back when deposit contracts were nonexistent in some banks. In today's banking environment, I think it's surplusage.
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#1427401 - 08/11/10 05:07 PM Re: Deposit Slip UCC Language Whyisit
Elwood P. Dowd Offline
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Next to Harvey
Ditto. It was more about CYA than anything else; deposits are subject to the UCC, clearing arrangements, whatever, whether it says that on the deposit slip or not.
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#1692390 - 04/25/12 03:22 PM Re: Deposit Slip UCC Language elcinoca
morirse de risa Offline
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Midwest
We have verbiage on our deposit slips, but I'm not sure if this is from UCC or not:

"Items received for deposit or collection are accepted on the following terms and conditions. This Bank acts only as depositor's collecting agent and assumes no responsibility beyond its exercise of due care. All items are credited subject to final payment and to receipt of proceeds of final payment in cash or solvent credits by this Bank at its own office. This Bank may forward items to correspondents and shall not be liable for default or negligence of correspondents selected with due care nor for losses in transit, and each correspondent shall not be liable except for its own negligence. Items and their proceeds may be handled by any Federal Reserve bank in accordance with applicable Federal Reserve rules, and by this Bank or any correspondent, in accordance with any common bank usage, with any practice or procedure that a Federal Reserve bank may use or permit another bank to use, or with any other lawful means. This Bank may charge back, at any time prior to midnight on its business day next following the day of receipt, any item drawn on this Bank which is ascertained to be drawn against insufficient funds or otherwise not good or payable. An item received after this Bank's regular afternoon closing hour shall be deemed received the next business day."

Can someone advise? Does this sound like UCC? I am not having luck locating this in our state's UCC.

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#1692392 - 04/25/12 03:28 PM Re: Deposit Slip UCC Language morirse de risa
Elwood P. Dowd Offline
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Next to Harvey
No, it is definitely not an excerpt from the model version of the UCC. The reference to the midnight deadline is akin to an attempt to explain that portion of the UCC, but it does not quote it directly.

I agree with John's reference to the historical context in which banks commonly used this language. My addition to that observation would be that putting language on a deposit slip does not make it part of a contract. At most, it's a disclosure and I'm not certain what good it does you.
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#1692427 - 04/25/12 04:24 PM Re: Deposit Slip UCC Language morirse de risa
John Burnett Offline
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Originally Posted By: morirse de risa
We have verbiage on our deposit slips, but I'm not sure if this is from UCC or not:

"Items received for deposit or collection are accepted on the following terms and conditions. This Bank acts only as depositor's collecting agent and assumes no responsibility beyond its exercise of due care. All items are credited subject to final payment and to receipt of proceeds of final payment in cash or solvent credits by this Bank at its own office. This Bank may forward items to correspondents and shall not be liable for default or negligence of correspondents selected with due care nor for losses in transit, and each correspondent shall not be liable except for its own negligence. Items and their proceeds may be handled by any Federal Reserve bank in accordance with applicable Federal Reserve rules, and by this Bank or any correspondent, in accordance with any common bank usage, with any practice or procedure that a Federal Reserve bank may use or permit another bank to use, or with any other lawful means. This Bank may charge back, at any time prior to midnight on its business day next following the day of receipt, any item drawn on this Bank which is ascertained to be drawn against insufficient funds or otherwise not good or payable. An item received after this Bank's regular afternoon closing hour shall be deemed received the next business day."

Can someone advise? Does this sound like UCC? I am not having luck locating this in our state's UCC.

Really? Is this all printed on each deposit slip, or is there a lot of "continued on next page" involved? Where is there room for information about the customer's deposit? Or are you using a non-standard [read: larger than normal] deposit slip?

Or have I been punk'd?
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#1692465 - 04/25/12 05:14 PM Re: Deposit Slip UCC Language elcinoca
morirse de risa Offline
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Posts: 238
Midwest
No, I'm not punking you. It is printed in teeny tiny font on the back of the deposit slips we give to our businesses to use (the deposit slips that come in books and allow them to list all the checks and have duplicates).

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#1692658 - 04/26/12 12:25 AM Re: Deposit Slip UCC Language John Burnett
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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Originally Posted By: John Burnett
Originally Posted By: morirse de risa
We have verbiage on our deposit slips, but I'm not sure if this is from UCC or not:

"Items received for deposit or collection are accepted on the following terms and conditions. This Bank acts only as depositor's collecting agent and assumes no responsibility beyond its exercise of due care. All items are credited subject to final payment and to receipt of proceeds of final payment in cash or solvent credits by this Bank at its own office. This Bank may forward items to correspondents and shall not be liable for default or negligence of correspondents selected with due care nor for losses in transit, and each correspondent shall not be liable except for its own negligence. Items and their proceeds may be handled by any Federal Reserve bank in accordance with applicable Federal Reserve rules, and by this Bank or any correspondent, in accordance with any common bank usage, with any practice or procedure that a Federal Reserve bank may use or permit another bank to use, or with any other lawful means. This Bank may charge back, at any time prior to midnight on its business day next following the day of receipt, any item drawn on this Bank which is ascertained to be drawn against insufficient funds or otherwise not good or payable. An item received after this Bank's regular afternoon closing hour shall be deemed received the next business day."

Can someone advise? Does this sound like UCC? I am not having luck locating this in our state's UCC.

Really? Is this all printed on each deposit slip, or is there a lot of "continued on next page" involved? Where is there room for information about the customer's deposit? Or are you using a non-standard [read: larger than normal] deposit slip?

Or have I been punk'd?


That was my thought...how does that fit on a deposit slip? Good grief. Plus I haven't used a deposit slip in several years. I use a slip less /envelope free ATM or use my debit card at the teller line to make the deposit. They just swipe it. Love it.
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