Reverse Positive Pay Service Sample Clauses
The Reverse Positive Pay Service clause outlines a banking service where the bank provides the account holder with a list of checks presented for payment, and the account holder must review and approve or reject each item. In practice, the bank sends daily reports of checks that have been presented, and the customer is responsible for identifying any unauthorized or fraudulent items before the bank processes payment. This clause helps prevent check fraud and unauthorized transactions by giving the account holder direct control over which checks are honored.
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Reverse Positive Pay Service. If you selected a Reverse Positive Pay Service on the Set-Up Form, this section will apply. On each Business Day, Bank will make available a Suspect Check List that indicates whether Bank has received any Suspect Checks and, if so (i) lists the check number, amount and payee of such Suspect Check(s), and (ii) makes available an image of the face of such Suspect Check(s). Bank will make the Suspect Check List available in the format and manner, and by the time, specified by Bank.
Reverse Positive Pay Service. This Service allows you to review all checks presented against your Account instead of reviewing individual exception items. Each day, we will provide you with information and images of the checks presented the previous Business Day. The Reverse Positive Pay Service will show each check paid, along with its serial number and amount, and will give you access to an image of the check. You can compare this information to the checks as you issued them.
Reverse Positive Pay Service. Reverse Positive Pay Service makes images of the Checks that were presented to us for payment before the deadline (that we establish from time to time) available to you on Business Online Banking on the same Banking Day on which the Checks were presented to us for payment. Using the Business Online Banking Positive Pay module, you must review the presented Checks and compare them with your Check issuance records and, in accordance with our procedures, decide whether to dishonor any presented Check. We will be authorized to act accordingly to pay any Check presented to us for payment unless you otherwise instruct us prior to the established deadline. We will make Commercially Reasonable efforts to honor your Instruction. We will have no responsibility for any liability, loss, or damage resulting from our (i) payment in accordance with this section of any Check that is altered or unsigned or which bears a forged or unauthorized signature, or (ii) return of any Check in accordance with this section.
Reverse Positive Pay Service. As an alternative to the Positive Pay Service described in Part II, subsection 8.1, Customer may elect to use the Reverse Positive Pay Service (also referenced herein as the “Positive Pay Service”) to quickly identify and act upon fraudulent checks as well as quickly reconcile Customer’s Designated Accounts, which are the Designated Accounts listed the Enrollment Form pertaining to EBIB and made a part of this Booklet. Customer must also enroll in EBIB to take advantage of this alternative Positive Pay Service.
Reverse Positive Pay Service.
(i) General. Reverse Positive Pay Service is an alternative to the Positive Pay Service. With Reverse Positive Pay, you do not provide Issue Data to us. Instead, we provide a Presented Items List to you to decision. “Presented Items List” means a list that identifies the following: (a) the check number and check amount of items presented through normal banking channels for payment against your Account and (b) the Converted Check Data drawn from Converted Check Entries, in both cases using items and ACH entries received by us on the previous Business Day. The Presented Items List will be made available to you by our posted cut-off time each Business Day. You agree to access our Online Banking Services daily and to review the Presented Items List and communicate to us whether any item and Converted Check Entry shown on the list are to be returned. All items and Converted Check Entries identified on a Presented Items List are deemed authorized by you and rightly paid by us if we do not receive a Return Request Disposition Instruction from you by our posted cut-off time on the day that the Presented Items List is made available to you, as to the item or the Converted Check Data. You authorize us to honor and pay all items and Converted Check Entries identified on a Presented Items List that are not subject to a timely Return Request Disposition Instruction.
Reverse Positive Pay Service. If you subscribe to our Reverse Positive Pay Service on your ARP and Positive Pay Service Request, then each Banking Day we will make images of the Checks that were presented to us for payment before the deadline (that we establish from time to time) available to you via UMB Direct on the same Banking Day on which the Checks were presented to us for payment. Using the UMB Direct check management module, you must review the presented Checks and compare them with your check issuance records and, in accordance with our procedures, decide whether to dishonor any presented Check. We will be authorized to act according to pay any Check presented to us for payment unless you otherwise instruct us prior to the established deadline. We will make commercially reasonable efforts to honor your Instruction. We will have no responsibility for any liability, loss or damage resulting from our (i) payment in accordance with this section of any Check that is altered or unsigned or which bears a forged or unauthorized signature, or (ii) return of any Check in accordance with this section.