Check Positive Pay Services Sample Clauses

Check Positive Pay Services. Prior to issuing any checks on an Authorized Account, Company shall submit an Issued Check File to Bank one (1) Business Day before issuing checks to payees. The Issued Check File shall accurately state the complete check number, exact amount, and the date of every check issued on each Authorized Account since the last Issued Check File was submitted. Each Issued Check File must be submitted to Bank on designated Business Days by 6:00 pm Central Time by uploading/importing through the System. Company shall include the payee name in the Issued Check File when electing to use Payee Match Positive Pay. Company shall upload the Issued Check File on the System. The Positive Pay System is capable of mapping Check Files created from multiple software programs. Company will provide a sample file to Bank prior to training and Bank will map the file to create a template specific to Company. If Company issues a stop payment order on a check that was listed in an Issued Check File, check will be considered matched in the Positive Pay System. Bank may recommend Company use a certain designated vendor for check printing needs to assure that Company’s business checks meet the standards of the ACH Rules. Company agrees to ensure the MICR encoding ink is of high quality. Not using business checks with high quality MICR ink could result in a large number of Positive Pay violations, Exceptions, and high costs to Company. With respect to the determination of an Exception Check: a. For each check presented for payment through the check collection system, Bank shall compare each Presented Check by check number and amount against each Issued Check File received by Bank on previous Business Days and not yet matched. On each Business Day, Bank shall pay and charge to the Authorized Account each Presented Check that matches the check number and amount of the check shown in any Issued Check File. Bank shall provide to Company an Exception List that indicates whether Bank has received any Exception Checks and, if so, specifies the check number and amount of any such Exception Check. b. For each check presented for immediate payment to Bank “over the counter”, such as by a teller transaction, Bank shall compare each Presented Check by check number and amount against each Issued Check File received by Bank. If the Presented Check is an Exception Check, Bank shall turn away the check regardless of the default option selected and refer the presenter of the Exception Check back to Company...
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Check Positive Pay Services. Our Check Positive Pay Services allow you to set acceptance criteria and identify on exception items. An exception item is a Check Entry not previously authorized or written by you. Check Positive Pay provides a way for you to request that some or all checks against your relevant account(s) be blocked. Where required, you will indicate which Checks you want us to return, having been deemed by you to be unauthorized. (a) Delivery Arrangements - The exception will be displayed within online banking platform and the Company shall have the sole responsibility to respond to such daily exceptions.
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Check Positive Pay Services. The Check Positive Pay service permits the Client to identify and make payment decisions regarding checks items presented for payment against the Client’s deposit account. Positive pay services further allow the option of no checks being presented for payment on an account, all checks thereby being automatically returned unpaid. a. If Client elects to receive Positive Pay Services from Bank, Client shall manually enter into, or import into Bank’s Online Business Banking System, or otherwise transmit to Bank, directly or through a third-party acceptable to Bank, in accordance with procedures specified by Bank from time to time, a file of checks issued each Business Day no later than the Bank-established cut-off time for issued items. The file shall include, but not limited to, the check number, date and amount of each check that the Client has issued from the deposit account. Bank or Bank’s third-party vendor will match all presented checks with the data in the file including account number, serial number and dollar amount to determine if the check is valid and provide an electronic list of exceptions (the “Positive Pay Exception Report”) to Client the following Business Day. Client shall promptly review the Positive Pay Exception Report and provide a pay/return decision for all exceptions, no later than the established cut off time for positive pay exception review. In the event that Client does not make a funding decision as to any exception item in the manner summarized above, Bank shall return the item unless specifically defined by the Client to pay the item, and Client waives all right to dispute the item. b. If offered by Bank and elected by Client, the Bank will also match the payee information on the items. c. If Client elects to receive Reverse Positive Pay services from Bank, Client shall not be required to provide Bank with the above-described check file. Instead, Bank will present each presented check to Client as an exception on the Positive Pay Exception Report. Client shall promptly, but by no later than the established cut off time for positive pay exception review, review the Positive Pay Exception Report and provide a pay/no pay decision for all items.
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Check Positive Pay Services 
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