Payee Positive Pay. Customer shall designate to Bank all positive pay Accounts that shall use Payee Positive Pay. In addition to the Item issue information provided by Customer for the Positive Pay Service, Customer shall supply Bank with the payee name(s) for each Item issued by Customer. Customer shall be responsible for the accuracy and completeness of the payee information provided to Bank. In reliance on the payee information provided by Customer, Bank will compare the payee information on the Item with Customer’s Check Issue File for Items presented or deposited at Bank. Customer acknowledges that Bank will not be able to validate payee information for handwritten or electronically converted Items presented to Bank for payment.
Payee Positive Pay. In addition to the issued item, information provided by you for the Traditional Positive Pay Service, you will provide us with the payee name for each item issued. Using this information, on each business day we mill make reasonable efforts to report to you any payee names that do not match the Issued Check File and Single Entry Input. You acknowledge that the Bank will not be able to validate payee information for electronically converted items presented to the Bank for payment.
Payee Positive Pay. If this option is selected, Bank will check MICR information, dollar amount and payees against the Check Issue File.
Payee Positive Pay. Company shall deliver to Bank an Issue File which will include a list of all checks written against the Company Account(s) together with the payee name, 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 instruct Bank on the disposition of any exception items.
Payee Positive Pay. If you enroll in Payee Positive Pay Service you may provide us with a list of payee names for the checks that you issue, and we will compare each check presented to us against the list of payee names that you provide us. You must provide us with the list of payee names by 7:00 a.m. PT. If the payee name on a check drawn on your designated account and presented to us does not match a payee name on the list of payee names you provide to us, within the matching thresholds that we set at our sole discretion, an exception will be created. Except as otherwise provided in this paragraph, the terms of the Positive Pay Service also apply to the Payee Positive Pay Service. That is, a check presented for comparison, and an exception created pursuant to such comparison, in the Payee Positive Pay Service will be treated as a check presented for comparison, and an exception created pursuant to such comparison, in the Positive Pay Service. Checks Covered by Positive Pay Service. The Positive Pay Service applies to checks that are presented for payment through normal interbank clearings and posted to your account each night. It is not designed to compare your list of issued checks against items that are not processed on an automated basis (e.g., damaged checks or checks presented for payment at a teller window, at an ATM or by mail). Although we may occasionally attempt to compare your list with such items, we will not be liable for our failure or refusal to do so. We assume no duty to identify and/or return duplicate checks, checks with duplicate serial numbers, misencoded items, or checks lacking an encoded serial number. The Positive Pay Service does not apply to items that have been finally paid before the effective date of any listing.
Payee Positive Pay. This feature enhances the Check Positive Pay by additionally comparing the payee name from the check against the payee name on the Issue Input. As part of Issue Input, you will now include payee name information. When checks are presented for payment, in additional to comparing the check number, and amount, we verify the payee name on the check to the payee name provided on the Issue Input. By transmitting an Issue Input with Payee Information or other Issue Input to us, you warrant that all checks that match the information on the Issue Input were properly issued by you and we shall have no further responsibility or liability for examination of the checks for fraudulent signatures or material alterations. We shall be entitled to rely and act upon any advice or instruction given to us by you in accordance with this Service without further inquiry if the advice or instruction is given to us in the form and manner and within the time as we shall require. We shall not be obligated to pay any check or Item or Exception Item which you advise or instruct be paid if you do not have on deposit in the deposit account on which the check or Item or Exception Item is drawn at the time of presentment good and sufficient collected funds to enable us to pay the Item or Exception Item without overdrawing the deposit account. You will not use our Positive Pay Services to pay your obligations on a delayed basis or in place of a stop payment order on any check, Item or Exception Item which you know before its presentment you do not want to have us pay. You acknowledge that your failure to use our Payee Positive Pay Service could substantially increase the likelihood of undetected fraudulent activity on your account and that it is neither manifestly unreasonable nor unreasonable under the circumstances for us to require you to use our Payee Positive Pay Service upon request. You agree that if you fail to implement our Payee Positive Pay Service following our request that you do so, you will be precluded from asserting any claim against us for paying an unauthorized, altered, counterfeit or other fraudulent item that the Payee Positive Pay Service was designed to detect or deter, and we will not be required to re-credit your account or otherwise be liable to you for paying such.
Payee Positive Pay. Payee Positive Pay uses Optical Character Recognition (OCR) to identify the payee on the check image. Customer shall refer to the Payee Match Implementation Guidelines provided at th e time of application to minimize unnecessary Exception Items. In reliance on the payee information provided by Customer, each Business Day, the Bank shall make reasonable efforts to report to Customer any payee names that do not match the Issued Checks Fi le for that day’s presentment. Customer shall supply the Bank with the payee name for each item issued by Customer. Customer shall be responsible for the accuracy and completeness of the payee information provided to the Bank. Customer acknowledges that the Bank will not be able to validate payee information for digitally converted items presented to Bank for payment.
