Positive Pay means a service in which Bank 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 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.
Positive Pay or "reverse positive pay" means any system by which the authenticity of a check is determined before payment is made by the financial institution against which the check is drawn.
Positive Pay means a file created by MiCSES (and/or the Contractor) and used by the MiSDU subcontractor bank at the time a party presents a MiCSES-MiSDU check to verify the check is validly issued and has not been previously cashed, voided, or stop paid. This file is updated daily, generated and transmitted by MiCSES to the Contractor or bank along with voids and stop payments entered through banking software to maintain a comprehensive file that is in agreement with MiCSES regarding valid checks.
Examples of Positive Pay in a sentence
Check Positive Pay verifies the Customer's Check Issue File against the checks presenting for payment on Customer's Designated Account(s).
However, if you choose to use a different check provider you should do a quality inspection of checks for proper MICR encoding as poor encoding will cause Check Positive Pay exceptions.
An ACH Positive Pay Exception (an "Exception Item") is any item not previously set up as allowed to be processed in the Authorization Rules defined for your Account(s).
You must provide us with a Check Issue File identifying all outstanding checks on each Designated Account prior to the time the Positive Pay Service is initiated.
As a result, Bank will not have any liability for (a) following instructions received from any person it believes in good faith is one of Customer's authorized representatives or (b) paying or returning any check in accordance with this Agreement, including any check that (i) bears a forged or unauthorized signature or is counterfeit or otherwise not validly issued or (ii) is altered or otherwise fraudulent with respect to an attribute that the Positive Pay Service is designed to match.
More Definitions of Positive Pay
Positive Pay means banks compare a personal or company's record of cheque issued with cheque presented for payment;
Positive Pay means a service designed to detect fraudulent items whereby you electronically share with us your check register of all checks issued from your account with us. We pay all items charged to the Account unless you direct us not to do so by the daily deadline, in which event we will comply.
Positive Pay will mean a process by which a data file containing information related to checks issued (i.e. check number, check date and check amount) is created and forwarded to a banking institution. The banking institution will use this file to verify all checks presented for payment prior to paying any check. The banking institution will create a listing of items that did not match or were otherwise not included in the data file, hereby referred to as the exception list. The exception list is made available for research and a resolution on whether the exception items presented should be paid or returned unpaid. The aforementioned is done daily.
Positive Pay. The Positive Pay service is available for check and for ACH transactions and allows for you to access the Positive Pay service (the “Positive Pay Service”) for you to identify and act upon potentially fraudulent transactions being presented on your Designated Account(s). The Positive Pay Service verifies checks or ACH transactions being presented for payment against the files you provide to us for pending transactions. Positive Pay is an optional service and you can opt to have Positive Pay only for checks, or only for ACH, or for both, or neither. Bill Pay: The Bill Pay service allows you to make certain bill payments from your Designated Account(s).
Positive Pay. Cut-Off Time – 10:30 AM PT No later than by 10:30 AM PT on the same business day on which the Exception List is provided to you, you must instruct the Bank whether to pay or return each Exception Check / Exception ACH Item described on the Exception List for the Positive Pay Service. If you instruct the Bank to return an Exception Check / Exception ACH Item, you must contact the Bank with the reasons for your decision. If you fail to timely instruct the Bank to return an Exception Check / Exception ACH Item, the Bank will return the Check / ACH item as being unauthorized. Files sent after 7:00 PM PT on a business day or at any time on a non- business day may not be available for use in positive pay processing until the following business day. Wire Transfers: Cut-Off Time – 1:30 PM PT Wire transfer requests properly completed, formatted, received and accepted by the Bank by 1:30 PM PT on a Business Day will ordinarily be processed same day, provided there are sufficient Available Funds in the Account and the Bank’s system is available. All wire transfers are subject to the Terms and Conditions of the Bank’s Online Wire Transfer Agreement.
Positive Pay means the service offered through Business Online Banking where Company can manage, approve, and return checks presented for payment on the Account by verifying check amount and check number.
Positive Pay means an automated fraud detection tool for commercial accounts for both check and automated clearing house (“ACH”) transactions intended to protect against (1) altered, forged, and counterfeit checks byby verifying the accuracy of the checks you have written to checks submitted to clear your account, and (2) fraudulent or unauthorized ACH transactions by allowing you to approve certain companies authorized to submit ACH debits to your commercial account.