Positive Pay. 10.1 Description of the Positive Pay Service. Through the Online Business Banking Positive Pay Service you can submit to us a list of the serial numbers and the exact amount (dollars and cents) of the checks that you issue which we will compare against the information that is encoded on items presented to us for payment against your designated account. You may also instruct us not to pay certain items presented against their accounts. If our records regarding checks presented against your account matches the information you provide to us regarding the checks you have issued, you agree that we may treat the matching items as validly issued and properly payable, and that we may process such items for payment. If the information does not match, and you do not provide us Instructions on whether we should reject them, we will assume that you wish such items to be paid and we will allow such non-matching items to be debited against your account. Instructions regarding this Service must be received by 11:30AM ET for processing or else the Bank will not act upon them.
Appears in 4 contracts
Samples: Business Banking Agreement, Business Banking Agreement, Business Banking Agreement
