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e) Cutoff Time. BNY Mellon and the Bank must receive a stop payment order in time to give them a reasonable opportunity to act on it and before their stop payment cutoff time. The law provides additional limitations on BNY Mellon’s and the Bank’s obligation. (For example, you cannot stop payment on an item that has already been paid.) f) Charges. Stop payment orders are subject to our current charge for that service. 5.9 Inconsistent Amounts. Checks are processed by computers. The Check amount in numerals is the one read by the computer. You agree that if the Check amount in words is different, we may charge against your Account the amount in numbers. 5.10 Consumer Electronic Check Re-presentment. a) General. If you write a Check on a personal account that is returned unpaid because of insufficient or uncollected funds, the depositor of the Check or the depositor’s bank may resend (“re-present”) it electronically. That is, the depositor or the depositor’s bank may send the Bank an electronic instruction (“electronic re-presented Check”) to charge your Account in the amount of the Check. b) Handling. If BNY Mellon receives an electronic re-presented Check from the depositor or the depositor’s bank, via the Bank, BNY Mellon will pay or return the Check as if the original version were being re-presented to it. The part of this Agreement titled “Electronic Funds Transfers” will not apply. c) Eligibility. For an electronic re-presented Check to be charged to your Account, all of the following must be true: It must relate to a paper Check on a personal account that the Bank returned unpaid because of insufficient or uncollected funds; The paper Check must not have contained an unauthorized signature or an alteration and must not have been a counterfeit; You must not have placed a stop payment on the paper Check after the Bank returned it unpaid but before it was collected electronically; The paper Check must have been less than $2,500 in amount; The paper Check must have been dated 180 days or less before the date on which the electronic re-presented Check is sent to the Bank; The electronic re-presented Check must be for the face amount of the paper Check only and may not include any collection fee charged by the depositor, the depositor’s bank, or a collection agency; The payee of the paper Check must have given you notice that, if the Check was returned unpaid because of insufficient or uncollected funds, it could be collected electronically; The electronic re-presented Check must have been sent to the Bank no more than twice after the first time the Bank returned the paper Check or no more than once after the second time; The electronic re-presented Check must be an “item” as defined in Revised Article 4 of the UCC (1990 Official Text); It must contain a preprinted serial number; It must indicate on the face of the document that the item was returned due to “not sufficient funds,” “NSF,” “uncollected funds,” or comparable language; and It must be drawn on a consumer account. 9 of 31
10 of 31 You may have the right to cause us to reverse any ineligible or unauthorized electronic represented Check that we charged to your Account. If you want to do so because you placed a stop payment on the paper Check after the Bank returned it unpaid but before it was collected electronically, you must notify Vanguard Brokerage within 15 days after we send or make available to you the periodic statement that reflects payment. If you want to reverse an electronic represented Check for any other reason, you must give Vanguard Brokerage an affidavit within 15 days after we send or make available to you the periodic statement that reflects payment of that electronic represented Check. In your affidavit, you must declare and swear under oath that the electronic represented Check was ineligible or unauthorized. If Vanguard Brokerage receives your notice or affidavit within the 15-day period, we will recredit your account with the amount of the charge. Write to Vanguard Brokerage at: Vanguard Brokerage Services P.O. Box 1170 Valley Forge, PA 19482-1170 d) Stop Payment. If you wish to stop payment of any electronic represented Check, you must follow the procedures contained in the section for stopping payment of Checks, not Electronic Funds Transfers. 5.11 Insufficient Funds. If one of your Checks is presented for payment and sufficient funds are not available in your Account, Vanguard Brokerage may cause the Bank (via BNY Mellon) to pay or refuse to pay any or all such items in our discretion and may also charge your Account a service charge. You have no right to request that any certain item be paid, and none of us has any responsibility for paying or returning any item requested. If your Account is overdrawn for any reason, you agree to deposit sufficient funds to cover the overdraft and our service charge immediately. A determination of your Available Balance may be made at any time between the receipt of such presentment or notice and the time of payment or return of the item or debit, and no more than one such determination need be made. Vanguard Brokerage will determine your Available Balance based on information provided from time to time by BNY Mellon, which may not be accurate at the time a particular item is presented to BNY Mellon. You authorize BNY Mellon and/or the Bank to return items for insufficient funds based on information provided by Vanguard Brokerage. If there are sufficient funds to cover some but not all of your Transactions, Vanguard Brokerage will allow those Transactions that can be paid, in any order convenient to us. If, in our sole discretion, we choose to allow Transactions for which sufficient funds are not available, you agree to repay us immediately the amount of the funds advanced to you. We may also assess your Account a service charge. At no time shall we be required to allow you to overdraw your Account even if we had allowed such activity on one or more prior occasions. You agree that we do not have to notify you when we refuse to pay a Check you have written, if we pay a Check that overdraws your Account, or when we impose a fee in connection with either of these events. 5.12 Use of Check Images and Substitute Checks. You agree that we may debit your Account for a Check image of an original Check presented for payment or collection without receipt or review of the original Check. In our sole discretion, we may return to a presenting bank, returning bank, or paying bank or credit to your Account a paper copy or paper representation of an original Check (including without limitation an image replacement document or IRD, or a photocopy) drawn on or returned to your Account that does not otherwise meet the technical or legal requirements for a substitute Check. You agree that a Check image that is received or created by the Bank in the Check deposit, collection, or return process shall be considered a “Check” and/or an “item” for all purposes under this Agreement and applicable law.
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