Checks Not Covered Sample Clauses
Checks Not Covered. This Positive Pay service does not cover a Presented Check which the Bank has already cashed, negotiated or paid or which the Bank is already committed to honor or pay under applicable laws, regulations or rules governing such items. In no event shall Bank be liable for: (i) any check paid over the counter if, at the time the check was reviewed by the Teller, it did not appear as an exception item (ii) any check not paid over the counter because it appeared to be an exception item when the check was reviewed by the Teller. Notwithstanding any other provision of this Agreement, Company authorizes Bank to return the Presented Check which fits the criteria in the preceding paragraph. Additionally, Bank shall have no obligation to notify Company of any such Presented Check. Company agrees and understands that the Check Positive Pay Service applies only to MICR encoded paper checks and documents. Therefore, the Check Positive Pay Service shall not apply to any Electronic Funds Transfer, ACH Transaction, or check that has been converted to an ACH Transaction that does not contain a serial number. Accordingly, this Agreement shall have no effect with respect to any such transactions on Bank’s or Company’s respective rights, obligations, duties or responsibilities under any other Master or Service Agreement between the parties or applicable law or regulation.
Checks Not Covered. This Positive Pay Service does not cover a Presented Check which Bank has already cashed, negotiated or paid or which Bank is already committed to honor or pay under applicable laws, regulations or rules governing such items. All transactions presented to Bank for immediate payment, such as Presented Checks presented over the counter (i.e. at a teller window or drive through) to be cashed or paid, will not be matched to the file or sent as an Exception Check prior to payment of such checks. Notwithstanding any other provision of this Section Eight, Customer authorizes Bank to pay the Presented Check which fits the criteria in the preceding paragraph, even if such Presented Check would have been an Exception Check. Additionally, Bank shall have no obligation to notify Customer of any such Presented Check.