A Chime Deposit Account Agreement is a legal agreement between a customer and Chime, a financial technology company that offers online banking services. This agreement outlines the terms and conditions of the customer`s account, including fees, interest rates, and account restrictions. In this article, we will focus on section (i)(c)(9) of the Chime Deposit Account Agreement, which concerns the deposit of checks.
Section (i)(c)(9) states that customers may deposit checks using their Chime mobile app or by mailing the physical check to Chime`s processing center. Checks must be payable in U.S. dollars and drawn on a U.S. bank. Checks must also be endorsed by the customer and marked as “for deposit only.”
Customers are responsible for ensuring that the check is accurate and complete. Additionally, Chime may place a hold on the funds until the check clears, which can take up to 10 business days. If the check is returned unpaid, Chime will deduct the amount from the customer`s account and charge a returned item fee.
To avoid any issues with depositing checks, customers should ensure that the check is properly endorsed and marked as “for deposit only.” Customers should also ensure that the check is accurate and complete, including the correct amount and payee.
It is important to note that Chime reserves the right to reject any check or restrict a customer`s ability to deposit checks at any time. This may occur if the customer has a history of returned checks or other suspicious activity.
In conclusion, section (i)(c)(9) of the Chime Deposit Account Agreement outlines the requirements and restrictions for depositing checks. Customers should carefully review this section to understand their responsibilities and any potential fees or restrictions. By following the guidelines outlined in this section, customers can avoid any issues with depositing checks and ensure that their funds are available as quickly as possible.