Common use of Payment of Presented Items and Reporting of Exception Items Clause in Contracts

Payment of Presented Items and Reporting of Exception Items. The Bank will compare each Presented Item against each Issued Check File, Single Entry Input or Payment Rules received by the Bank. Each business day, the Bank will: • Pay and charge to the Authorized Account each Presented Item that is matched in the Issued Check File, Single Entry Input or Payment Rules if there are sufficient funds in the Authorized Account for payment. • Provide you with notification of all Exception Items presented for payment that do not match the Check Information or Payment Rules provided by you. The Bank will communicate all Exception Items within the System each business day by 6:00 AM (PST).