Section 1. THE SERVICE.
These Treasury Key Service Terms (the “Service Terms”) set forth the terms under which Customer can manage deposits across multiple business locations by requesting Bank concentrate deposited funds into a single Account at the end of each Business Day and provide reconciliation reports tracking deposits based on location (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 AND PROCESSING.
The Service enables Customer to designate multiple business locations (each, a “Customer Deposit Location”) in the Operational Instructions. Bank will provide Customer with a unique Account number (“Customer Location Account”) for each Customer Deposit Location. At the end of each Business Day, funds in the Customer Location Accounts will be concentrated into a single Account (“Treasury Key Account”).
Customer must ensure that each Customer Deposit Location uses deposit tickets that reflect the corresponding Customer Location Account so that the Treasury Key module of the Intellix Treasury Management Portal will reflect the Customer Deposit Location of each deposit. The Treasury Key module will not identify the Customer Deposit Location for any deposits made directly to the Treasury Key Account.
Customer acknowledges that the Treasury Key service is a deposit-only reconciliation service and that debit transactions against Customer Location Accounts are not permitted except, at Bank’s sole discretion, to correct an erroneous deposit. Customer agrees to hold Bank harmless for any Losses incurred by Customer as a result of Customer’s inability to debit funds from a Customer Location Account.
Customer understands that deposits to the Customer Location Accounts will be posted to the Treasury Key Account after the close of business and can be viewed in reporting for the Treasury Key Account the following Business Day. Funds will then be made available in accordance with Bank’s applicable funds availability schedule.
Customer acknowledges that the Treasury Key Account and Customer Location Account(s) are subject to Bank overdraft and return policies, including associated fees and charges, as well as the Bank’s Rules Governing Deposit Accounts.