Common use of Positive Pay Services Clause in Contracts

Positive Pay Services. Check Issue Report. You will submit a Check Issue Report to Bank each day you issue checks on an Authorized Account through the Online Banking Service. The Check Issue Report shall accurately state the check number and the exact dollar amount of each check drawn on each Authorized Account since the last Check Issue Report was submitted. Payment of Presented Checks and Reporting of Exception Checks. The Bank will compare each Presented Check by check number and amount against each Check Issue Report received by Bank. On each Business Day, Bank: (a) may pay and charge to the Authorized Account each Presented Check that matches by check number and amount a check shown in any Check Issue Report; and (b) shall make available through the Online Banking Service by 8:00 AM Pacific Time an Exception Check List that indicates whether Bank has received any Exception Checks and, if so, specifies the complete check number and amount of any such Exception Check. Payment of Exception Checks; Return Requests. Bank will pay or return Exception Checks pursuant to your Pay/Return Request or pursuant to ONLY ONE of the following default selections: Return Default: If the Return Default Option is selected, Bank shall return to the depository bank any Exception Check drawn on the Account(s), unless Customer issues a timely Pay/Return Request to Bank. Pay Default. If the Pay Default option is selected, Bank shall pay and charge to the Account(s), any Exception Check drawn on the Account(s) unless the Customer issues a timely Pay/Return Request to Bank. A Pay/Return Request shall identify each Exception Check that you desire us to pay or return by the complete check number and amount specified in the Exception Check List and shall instruct Bank to pay or return the Exception Check. You must submit the Pay/Return Request to us via the Online Banking Service by 11:00 AM Pacific Time of the day the Bank makes the Exception Check List available. Bank shall then charge to the Authorized Account or return to the depositary bank any Exception Check that you instruct us to pay or return. We will not be obligated to comply with any Pay/Return Request received in a format or medium, after a deadline, or in a manner not permitted under this Agreement but may instead treat such a Pay/Return Request as though it had not been received.

Positive Pay Services. Check Issue Report. You will submit a Check Issue Report to Bank each day you issue checks on an Authorized Account through the Online Banking Service. The Check Issue Report shall accurately state the check number and the exact dollar amount of each check drawn on each Authorized Account since the last Check Issue Report was submitted. Payment of Presented Checks and Reporting of Exception Checks. The Bank will compare each Presented Check provide the Positive Pay Services for the Designated Accounts specified by check number and amount against each Check Issue Report received by BankCustomer. On each Business Day, Bank: Customer agrees to provide Bank a Check Report or ACH transaction report (a“Issue File”) may by 6:00 p.m. Customer agrees to provide an Issue File before disbursing checks or ACH transactions to payees. Failure to send a Check Report prior to disbursement could result in checks or ACH transactions presented for payment that do not have a corresponding issue on file, thus these checks or ACH transactions will be treated as “exception items “ and be included in the Exception Report as “paid no issues” (PNI). There is a fee levied by Bank for every exception item reported. Bank shall compare each Presented check by check number and amount (as encoded) against all Check Reports received through that day. Bank shall compare each Presented ACH transaction to the identifying information for the ODFI or Receiver received from Customer. Bank shall (1) finally pay and charge to the Authorized applicable Designated Account each all Presented Checks which match checks on the Check that matches by Reports as to check number and amount a check shown in any Check Issue Reportamount, provided that the Designated Account has sufficient Available Funds; and (b2) shall make available through the Online Banking Service by 8:00 AM Pacific Time unless service is disrupted or delayed for operational reasons, provide with an Exception Check List that indicates whether Report by 7:00 a.m. on the following Business Day. Customer shall provide Bank has received any with payment Instructions regarding the Exception Checks and, if so, specifies the complete check number or Exception ACH items by 10:00 a.m. and amount of any such Exception Check. Payment of Exception Checks; Return Requests. must notify Bank will pay or return Exception Checks pursuant to your Pay/Return Request or pursuant to ONLY ONE of the following default selections: Return Default: If the Return Default Option is selectedreturn reason such as; forgery, Bank shall return to the depository bank any Exception Check drawn invalid dollar amount, unauthorized transaction, or etc. on the Account(s), unless Customer issues a timely Pay/Return Request to Bank. Pay Defaultsame day. If the Pay Default option is selectedCustomer fails to meet this deadline, Bank shall pay Customer authorizes and charge to the Account(s), any Exception Check drawn on the Account(s) unless the Customer issues a timely Pay/Return Request to Bank. A Pay/Return Request shall identify each Exception Check that you desire us to pay or return by the complete check number and amount specified in the Exception Check List and shall instruct directs Bank to pay or return the Exception CheckChecks or Exception ACH transaction according to the default decision made by Customer on the Positive Pay Services Agreement. You If Customer sends in payment Instructions after the deadline and would like a particular check or ACH transaction returned, Bank will attempt to honor the return but if the presenting bank fails to honor the return, Customer must submit reimburse Bank for the Pay/Return Request to us via the Online Banking Service by 11:00 AM Pacific Time amount of the day the item and hold Bank makes the Exception Check List available. Bank shall then charge harmless from any cost, suits, expenses, liabilities, damages and attorneys’ fees related to the Authorized Account or return to of the depositary bank any Exception Check that you instruct us to pay or return. We will not be obligated to comply with any Pay/Return Request received in a format or medium, after a deadline, or in a manner not permitted under this Agreement but may instead treat such a Pay/Return Request as though it had not been receiveditem.

Positive Pay Services. Check Issue Report. You will submit a Check Issue Report to the Bank each day you issue checks on an Authorized Account through the Online Banking Service. The Check Issue Report shall accurately state the check number and the exact dollar amount of each check drawn on each Authorized Account since the last Check Issue Report was submitted. Payment of Presented Checks and Reporting of Exception Checks. The Bank will compare each Presented Check by check number and amount against each Check Issue Report received by the Bank. On each Business Day, the Bank: (a) may pay and charge to the Authorized Account each Presented Check that matches by check number and amount a check shown in any Check Issue Report; and (b) shall make available through the Online Banking Service by 8:00 AM Pacific Time an Exception Check List that indicates whether the Bank has received any Exception Checks and, if so, specifies the complete check number and amount of any such Exception Check. Payment of Exception Checks; Return Requests. The Bank will pay or return Exception Checks pursuant to your Pay/Return Request or pursuant to ONLY ONE of the following default selections: Return Default: If the Return Default Option is selected, the Bank shall return to the depository bank any Exception Check drawn on the Authorized Account(s), unless Customer issues a timely Pay/Return Request to the Bank. Pay Default. If the Pay Default option is selected, the Bank shall pay and charge to the Authorized Account(s), any Exception Check drawn on the Authorized Account(s) unless the Customer issues a timely Pay/Return Request to the Bank. A Pay/Return Request shall identify each Exception Check that you desire us to pay or return by the complete check number and amount specified in the Exception Check List and shall instruct the Bank to pay or return the Exception Check. You must submit the Pay/Return Request to us via the Online Banking Service by 11:00 AM Pacific Time of the day the Bank makes the Exception Check List available. The Bank shall then charge to the Authorized Account or return to the depositary bank any Exception Check that you instruct us to pay or return. We will not be obligated to comply with any Pay/Return Request received in a format or medium, after a deadline, or in a manner not permitted under this Agreement but may instead treat such a Pay/Return Request as though it had not been received.

Positive Pay Services. Check Issue Report. You will submit a Check Issue Report to the Bank each day you issue checks on an Authorized Account through the Online Commercial Banking ServiceOnline. The Check Issue Report shall accurately state the check number and the exact dollar amount of each check drawn on each Authorized Account since the last Check Issue Report was submitted. Payment of Presented Checks and Reporting of Exception Checks. The Bank will compare each Presented Check by check number and amount against each Check Issue Report received by the Bank. On each Business Day, the Bank: (a) may pay and charge to the Authorized Account each Presented Check that matches by check number and amount a check shown in any Check Issue Report; and (b) shall make available through the Commercial Banking Online Banking Service by 8:00 AM Pacific Time an Exception Check List that indicates whether the Bank has received any Exception Checks and, if so, specifies the complete check number and amount of any such Exception Check. Payment of Exception Checks; Return Requests. The Bank will pay or return Exception Checks pursuant to your Pay/Return Request or pursuant to ONLY ONE of the following default selections: Return Default: If the Return Default Option is selected, the Bank shall return to the depository bank any Exception Check drawn on the Authorized Account(s), unless Customer issues a timely Pay/Return Request to the Bank. Pay Default. If the Pay Default option is selected, the Bank shall pay and charge to the Authorized Account(s), any Exception Check drawn on the Authorized Account(s) unless the Customer issues a timely Pay/Return Request to the Bank. A Pay/Return Request shall identify each Exception Check that you desire us to pay or return by the complete check number and amount specified in the Exception Check List and shall instruct the Bank to pay or return the Exception Check. You must submit the Pay/Return Request to us via the Commercial Banking Online Banking Service by 11:00 AM Pacific Time of the day the Bank makes the Exception Check List available. The Bank shall then charge to the Authorized Account or return to the depositary bank any Exception Check that you instruct us to pay or return. We will not be obligated to comply with any Pay/Return Request received in a format or medium, after a deadline, or in a manner not permitted under this Agreement but may instead treat such a Pay/Return Request as though it had not been received.