Positive Pay File Sample Clauses

Positive Pay File. Customer must submit a Positive Pay upload file to the Bank prior to the Positive Pay Upload File Cut-Off set forth in Section 19 on the business day of issuance of any checks in order for files to be updated through end-of-day processing. Only those checks listed on a validly prepared and uploaded Positive Pay File will be part of the Positive Pay Service. Any Positive Pay File uploaded after the Positive Pay Upload File Cut-Off set forth in Section 19 on a business day may not be included with the Bank’s end-of- day processing until the next business day. If there are checks reported on the Positive Pay File, the System will compare the check information from the checks listed on Customer’s Positive Pay File with the check information that is encoded on that business day’s presented checks that are presented to the Bank for payment against Customer’s account. This comparison will be done only on the business day presented checks are received by us. Also, the comparison will be done only against the checks that are on the Positive Pay File. It is Customer’s responsibility to submit the Positive Pay File in the proper format and time specifications as set forth in this Agreement. If the check information matches exactly, the System will treat the matching items as validly issued and properly payable, and will process those items for payment, assuming Customer has sufficient available funds in its account for the payment. If there are checks presented to the Bank on or as of that business day that do not match the check information as set forth in Customer’s Positive Pay File, the Bank will notify Customer of these mis-matched checks through Customer’s online access on the “Positive Pay History page.” The Bank will make the Positive Pay History page available to Customer each business day that the Bank receives presented checks through the System. The Positive Pay History page lists the items that did not match Customer’s Positive Pay File (an “Exception Check”). To have any Exception Check returned unpaid, Customer must review the Positive Pay History page, assign a “Return” decision and call the Bank with an instruction to return the Exception Check by the Bank’s established cut-off time. If an Exception Check is not assigned a “Return” decision on the Return Items File and Customer does not call the Bank with a return instruction before the Positive Pay Exceptions Review Cut-Off set forth in Section 19, on the business day following the day of presentmen...
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Related to Positive Pay File

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