Reverse Positive Pay. If Reverse Positive Pay is selected, on each Business Day, Bank will provide notification and post a list of Presented Checks on ONPointe for Client to make “Return” decisions. Checks will be paid unless Client makes a “Return” decision by the applicable response Cutoff Time.
Reverse Positive Pay. Upon enrollment of Reverse Positive Pay (an optional service), Bank will make available to Company a Reverse Positive Pay Extract. It is Company’s responsibility to review the Reverse Positive Pay Extract and communicate to Bank, in a manner acceptable to Bank, its decision to return any applicable item. If Company fails to communicate the return decision by the Positive Pay Cut-Off time listed in the Positive Pay Configuration/Training Checklist, the checks in the Reverse Positive Pay Extract will be paid. Checks presented at the teller line for deposit will be provided for Company’s review on the following business day. The Reverse Positive Pay service is not available for checks presented at the teller line for cash.
Reverse Positive Pay. If Customer chooses this option, Customer will not have the ability to upload a file or manually input issued checks to be matched. All Presented Checks will appear on the Check Exceptions.
Reverse Positive Pay. Cut-Off 9:30 p.m. 8:30 p.m. • Presentment Transmission For items received by us prior to the Cut-Off on any banking day, the daily transmission will generally be made available at 4:00 a.m. on the next banking day following presentment (items received after the Cut-Off may be made available on the following banking day). For items received by us prior to the Cut-Off on any banking day, the daily transmission will generally be made available at 3:00 a.m. on the next banking day following presentment (items received after the Cut-Off may be made available on the following banking day). • Bouncer Deadline 2:00 p.m. on the same day that we transmitted the daily transmission to which the bouncer sheet relates. 1:00 p.m. on the same day that we transmitted the daily transmission to which the bouncer sheet relates. Payable Through Drafts • Cut-Off Bank Routing/Transit (“RT”) – 10:00 p.m. Bank Routing/Transit (“RT”) – 9:00 p.m. • Presentment Transmission Bank RT-For Drafts received by us prior to the Cut-Off On any banking day, a Draft List may be made available to you, on request, generally by 4:00 a.m. on the Following bnking day. Bank RT-For Drafts received by us prior to the Cut-Off On any banking day, a Draft List may be made available to you, on request, generally by 3:00 a.m. on the Following bnking day. • Bouncer Deadline 10:00 a.m. on the next banking day following the date of the Draft List identifying the relevant Draft. 9:00 a.m. on the next banking day following the date of the Draft List identifying the relevant Draft. • Bouncer Acknowledgment ury Services Agreement ember 2022 1:00 p.m. on the day we receive the Draft Bouncer Sheet, if received prior to the Bouncer Deadline. 12:00 noon on the day we receive the Draft Bouncer Sheet, if received prior to the Bouncer Deadline. Page 43 of 57 Link to Top Exhibit 1 Link to Table of Contents Controlled Disbursement Payable Through Drafts • Cut-Off Controlled Disbursement Routing/ Transit (“RT”) – 12:00 noon (or later based on FRB Presentment Delivery) • Presentment Transmission Controlled Disbursement RT – For drafts received by us prior to the Cut- Off on any banking day, if requested, a Draft List may generally be made available to you by 1:00 p.m. on such day. Drafts received after the Cut-Off will be presented on the Draft List for the next banking day. • Bouncer Deadline 10:00 a.m. on the next banking day following the date of the Draft List identifying the relevant Draft. • Bouncer Acknowledgment 1:00...
Reverse Positive Pay
