Check Positive Pay definition

Check Positive Pay means an optional Service available with Treasury Online Banking whereas prior to issuing any checks on an Authorized Account, Company shall submit an Issued Check File to Bank by the established deadline. The Issued Check File shall accurately state the complete check number, exact amount, and the date of every check issued on each Authorized Account since the last Issued Check File was submitted.
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Check Positive Pay means an optional Service available with Online Banking whereas prior to issuing any checks on an Authorized Account, Company shall submit an Issued Check File to Bank by the established deadline. The Issued Check File shall accurately state the complete check number, exact amount, the date, and the payee name (which must match exactly to what appears on the check) for every check issued on each Authorized Account since the last Issued Check File was submitted.
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Check Positive Pay services refer to three types of fraud verification services for checks and ACH items: (i) Standard Positive Pay compares the check serial number and exact dollar amount of checks issued by Customer against checks presented to Bank on a daily basis, reports to Customer any discrepancies relative to Customer’s acceptance criteria, and provides Customer an Exception Report for review and a mechanism for accepting or rejecting final payment of the check. All Check Positive Pay services include an automatic “teller line interface” which identifies potentially fraudulent items throughout the Bank’s branch network. Check Issue Files are updated hourly to the Bank’s Teller system. Checks presented at the window for encashment are matched to the information in Customer’s Check Issue File. If the information doesn’t match, the teller will refuse to cash the item and refer the presenter back to the issuer;
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Examples of Check Positive Pay in a sentence

  • The cutoff times for the delivery of issued check information align with those referenced above for Check Positive Pay.

  • This Check Positive Pay Service provides a payment application service designed to assist with managing the risk of unauthorized check transactions in Customer’s designated deposit Account(s) maintained with Provident.

  • This feature enhances the Check Positive Pay by additionally comparing the payee name from the check against the payee name on the Issue Input.

  • The Check Positive Pay and Payee Positive Pay Service applies to checks that are presented for payment to us through normal interbank clearings.

  • These Fraud Safeguard Services include, by way of example and not exclusion, our ACH Fraud Protection Service (including ACH Filters with ACH Positive Pay and ACH Blocks) and our Check Positive Pay Service (with or without Payee Verify).

  • Depending on the type of product offered by Bank, access to the transaction Services may include, but are not limited to, ACH origination, ACH Positive Pay, Wire Transfers, Internal Transfers, stop payments, Check Positive Pay, Remote Deposit Capture, image access, online periodic statements, Mobile Services and System administration.

  • This can be illustrated by describing an issue that arose when the authors reviewed the argument in Figure 4, during the writing of the paper; that is, after the domain experts and developers had agreed on the domain model, and had accepted that it was a valid model of the biology of prostate cell division and differentiation.In Figure 4, Claim 1.1.2.2 states that Modelling prostate as a closed system of cells is biologically realistic.

  • Payee Verification is an add-on feature to Check Positive Pay Service for eligible checks.

  • Client agrees to comply with check stock and Check Issue File requirements as noted in the Check Positive Pay Enrollment Requirements Guide (or a successor published guide).

  • The Review and cut-off times for Check Positive Pay are as follows:Review Time: Exception items will be available for review within Online Business Banking by 9:30 a.m. ET on each Business Day.Cut-off Time: The cut-off time for pay/return decisions on exception items is 1:00 p.m. ET on each Business Day.


More Definitions of Check Positive Pay

Check Positive Pay means Standard Positive Pay (as described in Section 1 of this Part IV) and Reverse Positive Pay (as described in Section 2 of this Part IV).
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Check Positive Pay means the service described in Section 3 below that includes the use of Issue Files and Exception Files. Unless indicated elsewhere in this Agreement, all terms and conditions of this Agreement apply to Check Positive Pay Service.
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Related to Check Positive Pay

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Actual Deferral Percentage means, for a specified group of Participants for a Plan Year, the average of the ratios (calculated separately for each Participant in the group) of (1) the amount of Employer contributions actually paid over to the Trust on behalf of the Participant for the Plan Year to (2) the Participant's Earnings for the Plan Year (or, provided that the Employer applies this method to all Employees for a Plan Year, the Participant's Earnings for that portion of the Plan Year during which he was eligible to participate in the Plan). Employer contributions on behalf of any Participant shall include: (i) his Elective Deferrals, including Excess Elective Deferrals of Highly Compensated Employees, but excluding (A) Excess Elective Deferrals of Non-Highly Compensated Employees that arise solely from Elective Deferrals made under the Plan or another plan maintained by an Affiliated Employer, and (B) Elective Deferrals that are taken into account in the Average Contribution Percentage test described in Section 5.10 (provided the ADP test is satisfied both with and without exclusion of these Elective Deferrals), and excluding Elective Deferrals returned to a Participant to reduce an Excess Amount as defined in Section 6.5(f); and (ii) if the Employer has elected to make Qualified Nonelective Contributions, such amount of Qualified Nonelective Contributions, if any, as shall be necessary to enable the Plan to satisfy the ADP test and not used to satisfy the ACP test; and (iii) if the Employer has elected to make Qualified Matching Contributions, such amount of Qualified Matching Contributions, if any, as shall be necessary to enable the Plan to satisfy the ADP test and not used to satisfy the ACP test. For purposes of computing Actual Deferral Percentages, an Employee who would be a Participant but for his failure to make Elective Deferrals shall be treated as a Participant on whose behalf no Elective Deferrals are made.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Core Earnings means, with respect to any Person for any period, net income determined in accordance with GAAP of such Person and its consolidated subsidiaries and excluding (but only to the extent included in determining net income for such period) (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with the formation of the Sponsor and the offering in connection therewith, including the initial underwriting discounts and commissions, (iii) acquisition costs from successful acquisitions (other than acquisitions made in the ordinary course of business), (iv) real property depreciation and amortization, (v) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, (vi) extraordinary or non-recurring gains or losses and (vii) one-time expenses, charges or gains relating to changes in GAAP; provided that Core Earnings shall, solely with respect to the Core Earnings attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Election cycle means the period beginning on the first day persons are eligible to

  • Earned Bonus means the bonus paid, if any, pursuant to the Company’s incentive compensation plans in effect from time to time. Earned Bonus shall be prorated based on the ratio of the number of days during such year that Executive was employed to 365.

  • total earnings means all of the dentist's gross earnings from the practice of dentistry by him in person, and "NHS earnings" means the dentist's gross earnings from the provision by him in person of general dental services under the National Health Service (Scotland) Act 1978, as amended, including where the dentist's name is included in sub-part A of the first part, or Part A prior to 2 July 2010, of two or more dental lists in Scotland, but neither his total earnings nor his NHS earnings shall be taken to include any remuneration by way of salary;

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Annual Cash Compensation means the sum of (a) the highest annual Base Salary in effect for the Executive and (b) the greater of (i) the Executive’s bonus for the most recently-completed year, if any, or (ii) the annualized amount of the Executive’s target bonus for the then current year.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Non-Highly Compensated Employee means an Employee who is not a Highly Compensated Employee.

  • Positive means that a rating may be raised

  • Elective Deferrals mean Compensation and Elective Deferrals for: . [Note: The Employer must complete the blank line with the applicable time period for computing the Basic Match, such as "each payroll period," "each calendar month," "each Plan Year quarter" or "the Plan Year."]

  • Election Year means a year in which ordinary elections for local governments are required to be held;

  • Average Actual Deferral Percentage means the average (expressed as a percentage) of the Actual Deferral Percentages of the Eligible Participants in a group.

  • Target Bonus Amount means Executive’s target annual bonus amount in effect at the time of Executive’s Qualifying Termination (disregarding any decrease in such target annual bonus amount that constitutes a Good Reason event).

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.

  • Severance Multiplier means, with respect to any termination of Employee’s employment hereunder by the Company without Cause or by Employee with Good Reason, 1; provided, however, that in the event such termination occurs within the two (2) year period following a Change in Control, the Severance Multiplier shall instead equal 2.

  • Incentive Payment means the payment to a STGU, including an AOBC Generation Unit, for RPS class I Renewable Generation Attributes and/or Environmental Attributes produced by these units, calculated pursuant to Section 7.0 below.

  • Positive beam limitation means the automatic or semi-automatic adjustment of an x-ray beam to the size of the selected image receptor, whereby exposures cannot be made without such adjustment.