Account Reconciliation Service Terms
Section 1. THE SERVICE.
These Account Reconciliation Service Terms (the “Service Terms”) set forth the terms under which Customer may receive account reconciliation services to help Customer manage the periodic balancing of its eligible Accounts (the “Service”). The Service is also subject to the General Provisions of the Treasury Management Terms and Conditions Agreement (the “Agreement”) as if fully incorporated herein and all Applicable Laws. In the event of a conflict between these Service Terms and other terms in the Agreement, these Service Terms shall control. Unless otherwise defined herein, any capitalized terms shall have the meaning as set forth in the Agreement. Any reference to the Agreement herein shall be deemed to include these Service Terms.
Section 2. IMPLEMENTATION.
Customer agrees to provide Bank with the test data as Bank may require (including, but not limited to, voided sample Checks from each Account and other transmissions requested by Bank) during implementation of the Service in order for Bank to undertake validation and implementation actions prior to Bank making the Service available to Customer. Such information must be provided at least two (2) weeks prior to the first day of the beginning of the first statement period for which the Service will be performed.
Section 3. RECONCILIATION OPTIONS.
The full account reconciliation option assists Customer in reconciling its Account(s) to its internal accounting reports. Customer will provide Bank with an electronic record of its issued Checks (“Check Issue File”) within five (5) Business Days of the end of the prior statement cycle. Bank will electronically match the Check Issue File against Checks that have been paid during the statement cycle. Within a reasonable timeframe following the end of the statement cycle, Bank will provide Customer with a reconciliation statement containing a listing of all Checks paid, outstanding Checks, miscellaneous debits and stop payments placed during the prior statement cycle. The full account reconciliation statement may be delayed if Customer fails to send the Check Issue File to Bank within five (5) Business Days of the end of the prior statement cycle. The partial account reconciliation option provides Customer with a reconciliation statement containing a listing of all Checks paid, miscellaneous debits, and stop payments placed during the prior statement cycle. The deposit reconciliation option provides Customer with a reconciliation statement containing detail and subtotal for all types of deposits, sorted by Customer's business location. The division sort option provides full and partial reconciliation Customers with a reconciliation statement containing all Checks paid, sorted by Customer's business location. If Customer's Check or deposit ticket reject rate exceeds 1% of the total items processed within the statement period, the performance of the Service by Bank may be delayed, and Bank reserves the right to assess additional charges.
Section 4. REPORTING.
Reconciliation statements will be provided in hard copy unless Customer elects to receive them electronically, in which case Customer can download the electronic file directly into its accounting system using the Channels. By default, the file will contain all transactions listed in each type of reconciliation option during the prior statement cycle. In order to download only certain types of transactions, Customer must designate such settings in the applicable Operational Instructions; available settings may vary by reconciliation option selected.