Common use of Reverse Positive Pay Clause in Contracts

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.