Check Positive Pay. Check Positive Pay allows the Company to pay or reject Checks for eligible Accounts enrolled in Check Positive Pay based on customer entered data for the check number issue date, dollar amount, and status in the issues register. Check Positive Pay verifies check data against the Company entered information in the Issues File (as defined below) to identify Exception Items (as defined below). Checks that are presented for payment over-the-counter at a branch will be paid or refused as indicated by the Company during enrollment for the ARPP Services.
Check Positive Pay. Check Positive Pay verifies your Issued Checks file against checks being presented to us for payment. Any paper item presented to us for payment that does not match the Issued Checks file will be an exception or violation. The following sets forth the description of an exception or violation: • Items presented for payment through our in-clearings (deposited items) not matching your Issued Checks file will be exceptions. You will have an automated option within CorpLink to work with your exceptions as they arise. It is your responsibility to work your Check Positive Pay Exceptions each business day by 10:00 AM (MT). For the purposes of this agreement, a business day is defined as every day except Saturdays, Sundays, and federal holidays. • Items presented to us for immediate payment (cashing a check at the bank) not matching your Issued Checks file will be a violation. A bank representative may contact you by phone for instruction on a Positive Pay violation. In the event that we cannot contact an Authorized Representative for instruction on a Positive Pay Violation, we will return or refuse to pay the item. Authorized Representatives are listed as an Authorized Signer on the Positive Pay account. • Issued Checks files must be uploaded to our system one business day before disbursing checks. Issued Checks files can be uploaded to our system on a monthly, weekly, daily and/or hourly basis. • It is not required that you have any type of accounting software to utilize this service, because you also have the ability to manually input Issued Checks into our system. You must send us a test file so that we can input your file’s format into our system to allow you to upload. You should also provide us with a list of all outstanding checks at the time you begin using this service. • Positive Pay will not stop the payment of checks that have been converted to ACH entries. ACH Rules prohibit the conversion of business checks as long as they meet the standards published in the ACH Rules. You are responsible for assuring that your checks meet these standards.
Check Positive Pay. Company may use the Positive Pay service to identify and act upon fraudulent checks and reconcile Company’s designated accounts. Company shall provide the Bank with an Issued Check File or upload checks issued manually in the manner described and defined below, detailing all checks Company has issued on the designated accounts. This File or uploaded checks are imported into the Check Positive Pay service for comparison to checks presented for payment against Company’s designated accounts.
Check Positive Pay. You may use the positive pay automated check matching service ("Check Positive Pay'') to compare checks presented for payment with checks you've issued. You will transmit to us a list of issued checks ("Issued Checks File") on every banking day you issue checks. The Issued Checks File must accurately state the check number, issue date, and the exact dollar amount of each issued check drawn on an Authorized Account. The Bank is not responsible for detecting any error contained in the Issued Checks File. The Issued Checks File must be transmitted to the Bank so that we actually receive it no later than 4:30 p.m. on the date of issue, or, in any event, no later than delivery of the check(s) to the payee(s). As eligible checks are presented to us for payment, the check number and dollar amount will be compared to the information provided in the Issued Checks File. We will pay eligible checks that exactly match the information in the Issued Checks File (collectively or individually, “Matching Checks”) without further inspection. You agree and acknowledge that the Bank is authorized to pay such Matching Checks and that such Matching Checks are deemed properly payable, regardless of whether (i) such Matching Checks are unsigned or stale dated; (ii) any manual or facsimile signatures are genuine and authorized by or on behalf of you; (iii) such Matching Checks are in fact issued by you; (iv) such Matching Checks are made out to the intended payee; or (v) the amount of any Matching Check exceeds any general limitation otherwise specified by you for the accounts. You agree that automated processing and payment of Matching Checks shall constitute reasonable and ordinary care by the Bank. If the eligible check does not exactly match the information in the Issued Checks File that check will appear as an "exception" item in Online Banking (“Exception Check List”) on the day it is presented for payment. It is your responsibility to review the Exception Check List and notify the Bank a decision to pay the check (“Pay Decision”) or return the check (“Return Decision”) by the time set forth in Section 5f of this Agreement, on each business day where exceptions exist. If you miss the deadline or fail to respond, the Bank will reject any check contained on the Exception Check List without a Pay Decision or Return Decision, and such check will be returned unpaid and you waive any claim that such check is or was not wrongfully returned. This provision does not include a check i...
Check Positive Pay. Company shall deliver to Bank an Issue File including a list of all checks written against the Company Account(s) together with the amount, serial number, issue date and type of check. Company may deliver more than one Issue File per day. The Issue File must be delivered to Bank prior to check distribution to payees. Company will review Exception items daily and instruct Bank on the disposition of any Exception Items.
Check Positive Pay
