Check Positive Pay Service. This Check Positive Pay Service provides a payment application service designed to assist with managing the risk of unauthorized check transactions in Customer’s designated deposit Account(s) maintained with Provident. The Check Positive Pay Service is a tool that Customer may select for eligible Accounts to help manage and control risks associated with the payment of checks and drafts (“Items”) presented against Customer’s accounts by enabling Customer to decide which checks are to be paid or returned.
Check Positive Pay Service. The Check Positive Pay Service will provide fraud protection assistance by comparing the checks paid on Customer’s designated account against the checks issued from Customer’s records. If Customer has requested Check Positive Pay services, the terms and conditions of this Section 29 form part of this Agreement.
Check Positive Pay Service. You may use Check Positive Pay Service (“Check Positive Pay”) provided through First Online Cash Management Services to identify and act upon checks presented against your Accounts, as well as to reconcile your Accounts. You must provide the Bank with the required information detailing all checks you have issued in the appropriate format and by the designated means. The Bank will compare this information against the checks presented for payment against your Accounts and provide a list of exception checks for your payment decision.
Check Positive Pay Service. The Check Positive Pay (“Positive Pay”) Service is an optional Service which provides an effective way to manage the risk of loss from fraudulent check issuance or payment. Our Positive Pay Service allows you to identify Exception Items, as defined herein under “Definitions”, by reviewing digital images of Exception Items and to instruct us whether to pay or return those checks. In addition, you may establish ACH transaction rules to monitor ACH Items as further described below. On each Business Day, we will provide you with an Exception Items Report of checks presented to us for payment on the prior Business Day, which have been identified as Exception Items based on information you have provided to us. Exception Items are determined by comparing the Check Information from the checks listed on your Issued Checks File with the check Information that is encoded on that Business Day's Presented checks that are presented to Bank for payment against your Account (either by other depository institution or, where applicable, for cashing at one of our branches). This comparison will be done only on the Business Day Presented Checks are received by Bank. Also, the comparison will be done only against the checks that are on the Issued Checks File. It is your responsibility to submit the Issued Checks File in the proper format and time specifications as set forth in the User Agreement provided at the time of application for the Positive Pay Service . If the Check Information matches exactly, the Positive Pay Service will treat the matching items as validly issued and properly payable, and will process those items for payment, assuming you have sufficient available funds in your Account for the payment. If there are checks presented to Bank on or as of that Business Day that do not match the Check Information as set forth in your Issued Checks File, the Bank will notify you of these mismatch checks by providing you an “ Exception Items Report” as further described below. As an alternative, you may choose an option under which we report all checks presented for payment, in which case we will treat all such Checks as Exception Items.
