Third Party and Joint Payee Check Deposit Instruction
for Public Sector Banking
Third Party Check – PSB 20dec2024 Bank of America – Confidential © 2024 Bank of America Corporation The City of Redondo Beach, a chartered municipal corporation (“ Account Owner”) hereby instructs Bank of America, N.A.
Bank”) to deposit checks ( over the counter and remote deposit) (“ Checks”) into one or more accounts owned by Account Owner listed on Exhibit A attached hereto ( which may be amended from time to time by superseding this instruction) Accounts”) where either ( A) Account Owner’ s name as payee or joint payee may appear in a manner different than on the Account and/or (B) the payees or joint payees are agencies, departments and/or divisions of Account Owner or any other payee or joint payee other than the entity named in the account title ( as the case may be) ( each and collectively, “ Third Parties”) with or without the endorsement ( guaranteed or otherwise) of the payee. Account Owner requests this accommodation from Bank, as it has a business need to deposit these items.
Bank agrees to accept such Checks for deposit subject to the following acknowledgements and agreements by Account Owner.
Account Owner understands that when Bank deposits Checks, Bank may provisionally credit an Account for the amount of the Check, subject to later verification by Bank. If Bank determines in its sole discretion that any Account is not entitled to such credit, then Bank may reverse the provisional credit to the Account, even if that reversal results in an overdraft. If ever there is a conflicting claim on the funds and a call to return the funds, Bank reserves the right to debit the Account, even if that debit results in an overdraft. Account Owner agrees to promptly reimburse Bank for any expenses associated with the reversal, debit or request or order of return of funds or other losses or damages Bank may incur, including to any Third Party, paying, or collecting bank, as a result of permitting any such deposits upon the instructions contained herein or for any of the representations and warranties below failing to be accurate and complete. Account Owner agrees that the Bank will have no liability to Account Owner or any Third Party for Bank’ s implementation of the instruction contained herein.
Account Owner represents and warrants that:
1. Third Parties have authorized Account Owner: ( i) to deposit Checks in accordance with the instructions herein payable to Third Parties into the Accounts at Bank; ( ii) to commingle such funds in the Account Owner’ s Accounts; iii) to retain such deposited funds or draw checks or other withdrawals against them as may be determined solely by Account Owner; and (iv) to accept and deposit checks into the Account Owner’ s Accounts without endorsement.
2. Account Owner shall cease to deposit checks or drafts payable to the Third Parties to the Account for any Third Parties that do any of the following: revoke or terminate any prior authorization set forth in Section 1 above, file for protection in bankruptcy; become insolvent; are the subject of a reorganization or other similar proceeding; or terminate, liquidate or dissolve their business or dispose of a substantial portion of their assets.
3. Each Check deposited is not subject to a defense or claim in recoupment of any party that could be asserted against the Third Party or Account Owner.
4. Account Owner is entitled to enforce the Checks.
Periodically, Bank will review the accommodations it is providing to Account Owner pursuant to this instruction. At Bank’ s option, Bank may, upon notice to Account Owner, no longer provide the accommodation hereunder. At any time, Account Owner may revoke this instruction in writing and Bank will have a reasonable time to record such action. This instruction applies only to Account Owner’ s current accounts listed on Exhibit A attached hereto ( which may be updated from time to time by instruction from the Account Owner and approval by the Bank (in its sole discretion), by execution of a superseding instruction). This instruction supersedes and replaces any previously agreed upon instruction with respect to depositing Checks of Third Parties in the relevant Accounts.
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Third Party and Joint Payee Check Deposit Instruction
for Public Sector Banking
Third Party Check – PSB 20dec2024 Bank of America – Confidential © 2024 Bank of America Corporation The representations, warranties and agreements contained herein any item deposited pursuant to this instruction will survive termination or revocation of this instruction or closure of any Account.
Date: City of Redondo Beach, a chartered municipal corporation Authorized Signature)
Name:
Title:
Acknowledged and Agreed as of
Date: Bank of America, N.A. (“Bank”)
Authorized Signature)
Name: Angela L. Hershey
Title: SVP., Sr. Client Manager
Third Party and Joint Payee Check Deposit Instruction
for Public Sector Banking
Third Party Check – PSB 20dec2024 Bank of America – Confidential © 2024 Bank of America Corporation Exhibit A to Third Party and Joint Payee Check Deposit Instruction for Public Sector Banking LIST OF ALL ACCOUNTS SUBJECT TO THIS INSTRUCTION:
Account Name Account Number
Redondo Beach, CA City of
If amending the instruction to revoke authority to deposit checks in an Account:
LIST OF ACCOUNTS NO LONGER SUBJECT TO THIS INSTRUCTION:
Account Name Account Number
Date: Ciry of Redondo Beach
Name of Account Owner
Authorized Signature)
Name:
Title: