Common use of Reverse Positive Pay Service Clause in Contracts

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. If you notify us of any check or item to be returned before the Cutoff Time on the Business Day after the check is presented, we will return the check to the bank of first deposit. By enrolling an Account in the Reverse Positive Pay Service, you satisfy your obligation under the Section entitled “Fraud Detection and Prevention – Positive Pay/ACH Positive Pay - Indemnification” to enroll that Account in Positive Pay. Note: enrollment in the Reverse Positive Pay Service does NOT satisfy your separate obligation under this Agreement to enroll in our ACH Positive Pay Service (or to indemnify the Bank against losses that use of ACH Positive Pay could prevent). Reverse Positive Pay does not block, limit or filter any ACH activity in your designated Accounts. Furthermore, under certain circumstances, checks can be converted by holders into ACH debits against your designated Account rather than presented as checks. Reverse Positive Pay will not block payment of ACH debits from converted checks. Accordingly, enrollment in Reverse Positive Pay does not modify your responsibility to monitor your designated Account on a daily basis, to review all designated Account periodic statements, and to promptly report any unauthorized or erroneous activity that is identified or identifiable by such monitoring and review.