Common use of Positive Pay Service Clause in Contracts

Positive Pay Service. If you request this online Service and provide us with the dates that the checks are issued, check numbers, EXACT dollar and cent amounts, and Account numbers on checks that you issue on a designated Account (“Check Issuance Data”), we will compare that Check Issuance Data with the information encoded on items presented to us for payment against that Account. If the information matches, we will treat the matching items as validly issued and properlypayable, and will process such items for payment. If the information does not match or the item is otherwise deemed to be an Exception Item (defined below), we will use the Service to provide you with an Exception Report (“Exception Report”) that describes each exception item and the reason for the exception. You must then instruct us if you want us to pay or return an Exception Item. You authorize us to act in accordance with your pay/return default election if we do not receive your instruction for any reason by the Cutoff Time for such instructions. We may refuse to pay any item if there are insufficient funds in your Account to cover the item. Please review the Section entitled “Fraud Detection and Prevention – Positive Pay/ACH Positive Pay – Indemnification” in the General Provisions below if you do not enroll in our Positive Pay Service in connection with your checking services.

Positive Pay Service. If you request this online Service and provide us with the dates that the checks are issued, check numbers, EXACT dollar and cent amounts, and Account numbers on checks that you issue on a designated Account (“Check Issuance Data”), we will compare that Check Issuance Data with the information encoded on items presented to us for payment against that Account. If the information matches, we will treat the matching items as validly issued and properlypayableproperly payable, and will process such items for payment. If the information does not match or the item is otherwise deemed to be an Exception Item (defined below), we will use the Service to provide you with an Exception Report (“Exception Report”) that describes each exception item and the reason for the exception. You must then instruct us if you want us to pay or return an Exception Item. You authorize us to act in accordance with your pay/return default election if we do not receive your instruction for any reason by the Cutoff Time for such instructions. We may refuse to pay any item if there are insufficient funds in your Account to cover the item. Please review the Section entitled “Fraud Detection and Prevention – Positive Pay/ACH Positive Pay – Indemnification” in the General Provisions below if you do not enroll in our Positive Pay Service in connection with your checking services.