Exception Check definition

Exception Check means a Presented Check that does not match a check number and/or amount of a check included in an Issued Check File.

Exception Check means a Presented Check that does not match a check included in an Issued Check File.

Exception Check includes, but is not limited to, a Check that (i) is illegible or contains MICR data that is not machine- readable, (ii) was previously processed as a Check; or (iii) is drawn on banks located outside the United States and is not payable at or through a bank located within the United States. Bank will notify you of each Exception Check through the PinnBank For Business online service, or other communication channels at Bank's discretion. If you wish to attempt to deposit any Exception Check to your Authorized Account, you shall do so only by depositing the original paper check on which the Exception Check is based or as otherwise agreed between us. Even if Bank does not initially identify a Check as an Exception Check when Bank reviews and processes the Check to which the Exception Check relates, the Check or the substitute check or the alleged substitute check created by Bank from it may nevertheless be returned to Bank because, among other reasons, the paying bank determines that such item or check is illegible or missing an image. Bank's failure to identify an Exception Check shall not preclude or limit the obligation of you to us under Section 4 of Article V above. Subject to Bank's right to identify and reject Exception Checks, Bank shall be deemed to have accepted each Check that is not an Exception Check for deposit to the Authorized Account on the Business Day what Bank processes the Check, provided its Transmission to Bank is prior to the Cut-off Time. In addition, a Check will be deemed to have been deposited at the office where the Authorized Account is maintained.

Examples of Exception Check in a sentence

• Extraco may finally pay and charge to the Authorized Account any Exception Check provided that Business Entity has not objected to such payment in a timely Return Request.

• Business Entity shall review the Exception Check Report and specify which exceptions Business Entity decides to pay or return and provide an electronic decision of the reviewed exception through Extraco’s E-Business service no later than 10:30 AM CST of the same day the Exception Check Report is received.

• Business Entity agrees to promptly review and verify the Exception Check Report included in the Presentment Report and submit a timely Return Request to Extraco as provided in this Agreement for any Exception Check the Business Entity objects to payment.

• Company acknowledges and agrees that even if Bank does not initially identify an Electronic Image as an Exception Check, the Substitute Check created by Bank therefrom may nevertheless be returned to Bank because, among other reasons, the Electronic Image is deemed illegible by Paying Bank.

• Business Entity agrees to promptly review and verify the Exception Check Report and submit a timely Return Request to Extraco as provided in this Agreement for any Exception Check the Business Entity objects to payment.

More Definitions of Exception Check

Exception Check. A Presented Check that: (a) does not match a check included in a Check Issued File; (b) is presented to Extraco for payment more than 180 days after its date of issue; or (c) cannot be electronically processed because of mutilation; obliterated, covered, or faulty magnetic ink used to imprint the check number, account number, or amount on the Presented Check; or for any other reason and whether resulting from Extraco’s processing or from the handling of other institutions involved in the check clearing and collection process.

Exception Check means a Presented Check that does not match a check included in a Check Issue Report. “File” means a group of ACH entries stored for delivery to an ACH receiving point.

Exception Check means a Presented Check that does not match the checks listed or identified on the Positive Pay File provided to the Bank via the System.

Exception Check. A Presented Check that does not match a check included in a Check Issue Report.

Exception Check means a Presented Check that is identified as an exception through Online Banking’s utilization of information properly included in the applicable Check Issue File/Entry regarding any of: check number, check amount, check status (such as check voided or payment stopped) or, if Company subscribes to payee match service, payee name. F&M BANK shall be under no duty to make comparison of payee name unless this optional service has been selected by Company and Company’s checks strictly comply with all technical specifications required to enable automated payee name comparison.

Exception Check means any Electronic File, or any portion thereof, that Bank in its sole discretion determines to be ineligible for deposit through RDC.

Exception Check. (Positive Pay/Reverse Positive Pay) means a Presented Check that: (a) does not match a check included in a Check Issued File; (b) is presented to Extraco for payment more than 180 days after its date of issue; or (c) cannot be electronically processed because of mutilation; obliterated, covered, or faulty magnetic ink used to imprint the check number, account number, or amount on the Presented Check; or for any other reason and whether resulting from Extraco’s processing or from the handling of other institutions involved in the check clearing and collection process.