Paying Bank definition

Paying Bank means the United States financial institution ordered in an Item to make payment to the payee(s) named on the Item.

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Paying Bank means the account holding bank of the accounts, from which the funds are debited in the interbank fund transfers transaction;

Paying Bank refers to the financial institution on which a check is drawn and through which it is payable.

Examples of Paying Bank in a sentence

Even if we do not initially identify an Electronic Item as an Exception Item when we review and process the Electronic Item to which the Exception Item relates, the Electronic Item, substitute check, or the purported substitute check created by us from it may nevertheless be returned to us because, among other reasons, the Paying Bank determines that such item or check is illegible or missing an image.
We reserve the right to charge back to your Account, at any time, any item that we subsequently determine was not an Eligible Item or any item that is returned by the Paying Bank.
If eligible, we will: (a) present the Electronic Image directly or indirectly to the bank on which the original check is drawn or through which the original check is payable (“Paying Bank”); (b) create a substitute check that we will present directly or indirectly to the Paying Bank; or (c) if we are the Paying Bank, present or post the Electronic Image.
You agree that the Paying Bank and other banks in the check collection process may truncate your original check and convert it to a check image, substitute check or image replacement document, and may treat such item for all purposes as if it were the original check.
You agree that we and the Paying Bank are authorized to accept a stop payment order on a check from any signer on your Account.

More Definitions of Paying Bank

Paying Bank means a financial institution which credits the funds remitted to the payee account or pays the same to the payee.

Paying Bank in respect of a CITS Item shall mean a CITS participant to whom an Article is drawn.

Paying Bank. : means the entity engaged by the Issuer to make the payments ordered by Monte Titoli, handled as part of the Corporate Events Support Service;

Paying Bank means the account holding bank of the accounts, from

Paying Bank means a bank by which a Check is payable, unless the Check is payable at or through another bank and is sent to the other bank for payment or collection; or a bank at or through which a Check is payable and to which the Check is sent for payment or collection.

Paying Bank means the Bank who is obliged to pay the beneficiary the amount/sum of monies instructed by one to another party.

Paying Bank means: o The bank by which a check is payable, unless the check is payable at another bank and is sent to that bank for payment or collection; o The bank at which a check is payable and to which it is sent for payment or collection; o The Federal Reserve Bank or Federal Home Loan Bank by which a check is payable; o The bank through which a check is payable and to which it is sent for payment or collection, if the check is not payable by a bank; or o The state or unit of general local government on which a check is drawn and to which it is sent for payment or collection. Paying bank includes the bank through which a check is payable and to which the check is sent for payment or collection, regardless of whether the check is payable by another bank, and the bank whose routing number appears on a check in fractional or magnetic form and to which the check is sent for payment or collection. A paying bank also includes the Treasury of the United States or the United States Postal Service for a check that is payable by that entity and that is sent to that entity for payment or collection. • “Product” means collectively the procedures, protocols, and Software used by the Bank and its licensors and contractors in connection with the electronic processing of Items, and includes without limitation the Remote Deposit Capture Service and Mobile Banking Deposit Service.