Common use of Positive Pay Exceptions Clause in Contracts

Positive Pay Exceptions. The Positive Pay system reports to Customer any discrepancies relative to Customer’s acceptance criteria. An email is sent to the Customer daily for any presented checks that post to their account that may be termed a ‘discrepancy’ and need an exception decision. Exception Checks presented to the Bank that do not appear on or match to the Check Issue File are identified, presented to the Customer and must be “decisioned” each day. All presented checks for a Reverse Positive Pay account are treated as Exception Checks.