Common use of Check Positive Pay Clause in Contracts

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.