Payee Positive Pay definition

Payee Positive Pay is similar to “Positive Pay” however in addition to check serial number and dollar amount the Payee name as it appears on the checks is included in the Check Issue File. This data is compared to the file of checks presented to the Bank for posting and any discrepancies relative to Customer’s acceptance criteria including the Payee Name are provided to Customer on an Exception Report. Customer reviews the Exception Report and advises Bank whether each Exception Check is to be accepted for final payment or rejected.
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Examples of Payee Positive Pay in a sentence

  • Customer shall designate to Bank all positive pay Accounts that shall use Payee Positive Pay.

  • This gives the impression that the output of r1 cannot flow directly to O (without going through r3).Algorithm RelevUserViewBuilder, given in Figure 5, takes as input a workflow specification Gw and a set of relevant modules R, and produces a user view U = {M1, ..., Mn}.Such U not only preserves Properties 1-3, but it is minimal: Fig.

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

  • In the event we are unable to perform the payee name comparison on any day that an item posts to your Account(s), the Payee Positive Pay Service will revert to Bank’s Positive Pay service for that day.

  • Bank shall provide Customer with certain Positive Pay, Reverse Positive Pay, Payee Positive Pay, Partial Reconcilement, Full Reconcilement, Deposit Reconcilement, and Image Archive services as selected by Customer in one or more written Enrollment Request (s) according to Customer’s instructions or service selections in such documents.

  • Payee Positive Pay enhances the Bank’s Positive Pay Service by additionally comparing the payee name from the Presented Item against the payee name on the Issue Information.

  • Our office has implemented Payee Positive Pay, an additional fraud prevention service which tracks payee information, as well as warrant number, issue date, dollar amount and fund number, for all warrant issuing bank accounts.

  • You agree that if you fail to implement our Payee Positive Pay Service following our request that you do so, you will be precluded from asserting any claim against us for paying an unauthorized, altered, counterfeit or other fraudulent item that the Payee Positive Pay Service was designed to detect or deter, and we will not be required to re-credit your account or otherwise be liable to you for paying such.

  • The Check Issue File for the Check Payee Positive Pay Service must include the following elements: check number, account number, issue date, dollar amount, and the payee name.

  • If you use a combination of Check Positive Pay and Check Payee Positive Pay, the default decision must be the same.

Related to Payee 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.

  • 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.

  • After-Tax Account means a Participant’s account to which are credited After-Tax Contributions, if any, and earnings and losses thereon.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

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

  • 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.

  • 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

  • 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.

  • Pre-Funding Earnings means any Investment Earnings on amounts on deposit in the Pre-Funding Account.

  • 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."]

  • Actual Deferral Percentage means, with respect to a Plan Year, the ratio (expressed as a percentage) of the amount of Tax Deferred Contributions made pursuant to Section 4.01(a) and Qualified Nonelective Non-ESOP Contributions made on behalf of the Participant for the Plan Year to the Participant’s Testing Compensation for the Plan Year.

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

  • 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.

  • Gross earnings means all monies earned by the Employee under the terms of this Collective Agreement.

  • Creditable compensation means the full compensation payable annually to an employee working

  • Employee Taxes means all taxes, assessments, charges and other amounts whatsoever payable in respect of, and measured by the wages of, the Vendor’s employees (or subcontractors), as required by the Federal Social Security Act and all amendments thereto and/or any other applicable federal, state or local law.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Eligible position or "full-time job" means a full-time position

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Small employer carrier means any carrier that offers health

  • Final compensation of a member means:

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

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • Voluntary Contribution Account means the account established and maintained by the Administrator for each Participant with respect to his total interest in the Plan resulting from the Participant's nondeductible voluntary contributions made pursuant to Section 4.12.