Common use of Check Positive Pay Services Clause in Contracts

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.

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 p.m. CT by uploading/importing through the System. Company shall include the payee 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 Check that was listed in an Issued Check File, check 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 Check presented for payment through the check collection system, Bank shall compare each Presented Check by check 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 Check number and amount of the check 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 Check number and amount of any such Exception Check. b. For each check 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 Check regardless of the default option selected and refer the presenter of the Exception Check back to Company.

Check Positive Pay Services. Prior to issuing any checks on an Authorized Account, Company Third-Party Sender 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 p.m. CT by uploading/importing through the System. Company Third- Party Sender shall include the payee Payee name in the Issued Check File when electing to use Payee Match Positive Pay. Company Third-Party Sender 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 Third-Party Sender will provide a sample file to Bank prior to training and Bank will map the file to create a template specific to CompanyThird-Party Sender. If Company Third-Party Sender issues a stop payment order on a check Check that was listed in an Issued Check File, check Check will be considered matched in the Positive Pay System. Bank may recommend Company Third-Party Sender use a certain designated vendor for check printing needs to assure that CompanyThird-Party Sender’s business checks meet the standards of the ACH Rules. Company Third-Party Sender 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 CompanyThird-Party Sender. With respect to the determination of an Exception Check: a. For each check Check presented for payment through the check collection system, Bank shall compare each Presented Check by check 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 Check number and amount of the check Check shown in any Issued Check File. Bank shall provide to Company Third-Party Sender an Exception List that indicates whether Bank has received any Exception Checks and, if so, specifies the check Check number and amount of any such Exception Check. b. For each check 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 Check regardless of the default option selected and refer the presenter of the Exception Check back to CompanyThird-Party Sender.