Check Processing for Positive Pay Sample Clauses

Check Processing for Positive Pay. For applicable Deposit Accounts identified whereby Customer has requested Bank verify checks against an Issued Check File, Customer agrees to deliver or transmit the serial number, amount, date issued and, at Customer’s option, the payee name, along with the status of each check by Deposit Account number (such data cumulatively, the“Issued Check File”) to Bank in the format agreed to by Bank and Customer. With the exception of checks presented for immediate payment in person (“Teller Checks”), Issued Check File data received before 12:01 AM Central Time each Business Day will be used to verify any checks or electronic Check presentment ( ECP ) items posting to the applicable Deposit Account that Business Day. For items presented through ECP, the serial number on the MICR line of the Customers checks as shown on the ECP item must match. Any Issued Check File data received by Bank during banking hours of a Business Day will be made available to Bank’s tellers within fifteen (15) minutes of Bank’s receipt. Teller Checks will be cashed only if verified against the most recent Issued Check File made available to Bank tellers and, if cashed, will be posted to the applicable Deposit Account on the Business Day they are received. If the online Issued Check File is unavailable, Bank’s tellers will follow normal check cashing procedures. Customer acknowledges that any Stop Payment issued on a check will supersede any data transmitted hereunder.
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