Positive Pay means a service in which Bank compares the check serial number and exact dollar amount of checks issued by Customer against checks presented to Bank on a daily basis, reports to Customer any discrepancies relative to Customer’s acceptance criteria, and provides Customer an Exception Report for review and a mechanism for accepting or rejecting final payment of the check. All Positive Pay services include an automatic “teller line interface” which identifies potentially fraudulent items throughout the Bank’s branch network. Check Issue Files are updated hourly to the Bank’s Teller system. Checks presented at the window for encashment are matched to the information in Customer’s Check Issue File. If the information doesn’t match, the teller will refuse to cash the item and refer the presenter back to the issuer.
Positive Pay or "reverse positive pay" means any system by which the authenticity of a check is determined before payment is made by the financial institution against which the check is drawn.
Positive Pay means a file created by MiCSES (and/or the Contractor) and used by the MiSDU subcontractor bank at the time a party presents a MiCSES-MiSDU check to verify the check is validly issued and has not been previously cashed, voided, or stop paid. This file is updated daily, generated and transmitted by MiCSES to the Contractor or bank along with voids and stop payments entered through banking software to maintain a comprehensive file that is in agreement with MiCSES regarding valid checks.
Examples of Positive Pay in a sentence
The Positive Pay System is capable of mapping Check Files created from multiple software programs.
In such cases the account officer’s decision whether to pay or return the ACH Debit will override any decision made by Customer through ACH Positive Pay.
If a Customer is enrolled in ACH Positive Pay then any ACH Debit that would create an overdraft in such Customer’s Account may be included in Bank’s overdraft list that is presented to account officer’s for review and pay/return decisioning.
The Positive Pay Instruction will include the value of the cheque (in number & words), date of issuance and name of the Beneficiary with the request to the Bank to honor the cheque.
If using ACH Positive Pay, Company shall define all pre-authorized ACH Company Rules in the System for Authorized Account pursuant to the Agreement and the requirements detailed in Bank’s current Service Documentation.
More Definitions of Positive Pay
Positive Pay means banks compare a personal or company's record of cheque issued with cheque presented for payment;
Positive Pay means a service designed to detect fraudulent items whereby you electronically share with us your check register of all checks issued from your account with us. We pay all items charged to the Account unless you direct us not to do so by the daily deadline, in which event we will comply.
Positive Pay will mean a process by which a data file containing information related to checks issued (i.e., check number, check date and check amount) is created and forwarded to a banking institution. The banking institution will use this file to verify all checks presented for payment prior to paying any check. The banking institution will create a listing of items that did not match or were otherwise not included in the data file, hereby referred to as the exception list. The exception list is made available for research and a resolution on whether the exception items presented should be paid or returned unpaid. The aforementioned is done daily.
Positive Pay. Cut-Off Time – 10:30 AM PT No later than by 10:30 AM PT on the same business day on which the Exception List is provided to you, you must instruct the Bank whether to pay or return each Exception Check / Exception ACH Item described on the Exception List for the Positive Pay Service. If you instruct the Bank to return an Exception Check / Exception ACH Item, you must contact the Bank with the reasons for your decision. If you fail to timely instruct the Bank to return an Exception Check / Exception ACH Item, the Bank will return the Check / ACH item as being unauthorized. Files sent after 7:00 PM PT on a business day or at any time on a non- business day may not be available for use in positive pay processing until the following business day. Wire Transfers: Cut-Off Time – 1:30 PM PT Wire transfer requests properly completed, formatted, received and accepted by the Bank by 1:30 PM PT on a Business Day will ordinarily be processed same day, provided there are sufficient Available Funds in the Account and the Bank’s system is available. All wire transfers are subject to the Terms and Conditions of the Bank’s Online Wire Transfer Agreement.
Positive Pay which is an effective means of controlling this risk. The Bank has advised the Company that if it does not use the Positive ray service, the Bank will be unable to prevent losses from counterfeit checks and the Company will be treated as having assumed the risk of those losses.
Positive Pay means an automated fraud detection tool for commercial accounts for both check and automated clearing house (“ACH”) transactions intended to protect against (1) altered, forged, and counterfeit checks byby verifying the accuracy of the checks you have written to checks submitted to clear your account, and (2) fraudulent or unauthorized ACH transactions by allowing you to approve certain companies authorized to submit ACH debits to your commercial account.
Positive Pay means a system where all checks submitted to the Financial Institution (FI) for payment are verified prior to payment to check information supplied by the FDCF.