Reverse Positive Pay Services Clause Samples
The Reverse Positive Pay Services clause outlines a banking service where the bank provides the account holder with a list of checks presented for payment, allowing the account holder to review and decide which checks to authorize or reject. In practice, the bank sends daily reports of presented checks, and the account holder must confirm or dispute each item within a specified timeframe, helping to detect and prevent unauthorized or fraudulent transactions. This clause is designed to enhance security and control over check payments, reducing the risk of financial loss due to check fraud.
Reverse Positive Pay Services. Reverse Positive Pay Service reports all items presented to the Bank for payment as Exceptions. Customer must review Exceptions on a daily basis and issue a Pay Instruction or Return Instruction for each Exception within the time required in Section 1(d) above.
Reverse Positive Pay Services. The processing of Presentment Reports used to identify fraudulent checks attempting to clear Authorized Accounts(s) enrolled under this Agreement.
Reverse Positive Pay Services. Payment of Presented Checks and Reporting of Exception Checks. Extraco will send to Business Entity a daily Presentment Report. It is the responsibility of Business Entity to routinely and regularly review the Presentment Report and communicate to Extraco, in a manner acceptable to Extraco and by the Cutoff Time. Business Entity’s decision to “Pay” or “Do Not Pay and Return” any such checks. If Business Entity fails to communicate its decision prior to the deadline specified herein, the checks in the Presentment Report will be automatically handled based on the Business Entity’s predetermined Default Response, which may be “Pay” or “Do Not Pay and Return” as indicated in this Agreement, Attachment A. Extraco is not liable to the Business Entity or to any third party for the payment or rejection of items or for the erroneous payment or rejection of an item, including but not limited to detecting any Business Entity error contained in any “Pay” or “Do Not Pay and Return” request sent by Business Entity to Extraco. Business Entity will ensure that all issued checks described in the Presentment Report meet the minimum check standards and specifications of the American National Standards Institute with respect to character position and information.
Reverse Positive Pay Services. (“Reverse Positive Pay”). If Customer has elected on the Positive Pay Schedule to receive reverse positive pay services, then: (a) Bank shall make available to customer each Business Day a list of all Presented Checks and (b) all such checks shall be deemed Exception Checks and shall be paid or returned in accordance with Section 4 below.