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.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

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.

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;

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 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).
If the Bank dishonors a Presented Check that is listed on the Check Positive Pay Return Items File, the dishonor shall be rightful, and the Customer waives any right he or she may have to assert that the dishonor was wrongful under Section 4- 402.
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.
Only those checks listed on a validly prepared and uploaded Check Positive Pay File will be part of the Check Positive Pay Service.
At the Bank’s sole discretion, it may attempt to compare Customer’s Check Positive Pay File with such items; however, the Bank will not be liable for any failure or refusal to do so.
If there are checks presented to the Bank on or as of that business day that do not match the check information as set forth in Customer’s Check Positive Pay File, the Bank will notify Customer of these mis-matched checks through Customer’s online access on the “Check Positive Pay History page.” The Bank will make the Check Positive Pay History page available to Customer each business day that the Bank receives presented checks through the System.
Customer agrees that the Bank shall be authorized to effect the Check Positive Pay Services upon receipt and verification by the System of the Customer’s password(s), and that the Bank is authorized to act on instructions received upon receipt and verification by the System of the Customer’s password(s).

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).

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.