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
Bank is very concerned about the risk of loss from counterfeit, fraudulent, altered, or forged checks and unauthorized ACH debits to which Bank and Company may both be exposed if you do not use our Positive Pay Service and ACH Positive Pay Service.
This Service allows Company to use Positive Pay Services to help identify and resolve suspect check and ACH activity in a timely manner subject to and according to the terms and conditions of the Agreement and the related Service Documentation.
Login Credentials to Online Banking are not required for Auto-Load Issued Check File; however, Company is required to have Login Credentials for Online Banking to use System for features of Check Positive Pay and/or Payee Match Positive Pay.
For Payee Match Positive Pay, Company agrees to comply with the Payee Match Positive Pay implementation guidelines document.
Therefore, we are unwilling to permit you to continue to operate your Accounts without our Positive Pay Service and ACH Positive Pay Service, unless you indemnify and hold us harmless against losses or labilities we may suffer or incur as a result of counterfeit, fraudulent or forged checks and/or unauthorized ACH debts on your Accounts.
More Definitions of Positive Pay
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 means banks compare a personal or company's record of cheque issued with cheque presented for payment;
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 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. 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. 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 means a fraud prevention mechanism that requires payment information to be transmitted to the claimant’s financial institution in a file format dictated by that financial institution. When a check is presented at a financial institution for payment, the bank reviews the Positive Pay process to validate the check.