Reverse Positive Pay definition

Reverse Positive Pay means a service in which Bank will not upload check issue files into the system and all items presented are suspects, placed on an Exception Report and referred to Customer for review. This Service alerts the Customer if there is check activity on the account. Customer reviews each check and informs the Bank whether each check is to be accepted for final payment or rejected.

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Reverse Positive Pay means the process by which the Administrator shall review Settlement Payment checks that have been cashed to confirm that the Check Opt-In Form language has not been altered, that the check has been signed, and that the check has not been cashed previously. Because any checks that are not reviewed are automatically paid out of the Qualified Settlement Fund’s Reverse Positive Pay account at the end of the bank’s business day, the Administrator shall perform the Reverse Positive Pay duties the same day that the check is cashed and direct the bank to reject payment on any checks that show alterations to the Check Opt-In Form language, that are not signed, or that previously have been negotiated.

Reverse Positive Pay means a positive pay service that allows you to log in and review all Presented Checks drawn on your Authorized Account. You are not required to submit an Issue file, and we do not create or transmit any Exception Files. Sections 2(a) and 2(b) below do not apply to Reverse Positive Pay. We will pay all Presented Checks in accordance with the Pay Option described in Section 2(c)(i) below unless we receive a Return Request from you instructing us not to pay an Exception Check.

Examples of Reverse Positive Pay in a sentence

With the Reverse Positive Pay Service client receives a report that out-sorts all items paid on its account to enable Client to review and detect fraudulent transactions.
Checks that are presented over the counter for encashment are not eligible for Reverse Positive Pay.
Bank shall provide Customer with certain Positive Pay, Reverse Positive Pay, Payee Positive Pay, Partial Reconcilement, Full Reconcilement, Deposit Reconcilement, and Image Archive services as selected by Customer in one or more written Enrollment Request (s) according to Customer’s instructions or service selections in such documents.
Customer agrees that failure to implement or complete the daily review of any of the Positive Pay services (Reverse Positive Pay or File Upload Positive Pay) will preclude the Customer from asserting any claims against AB&T for paying any unauthorized, altered, counterfeit or any other fraudulent item that such product, service or precaution was designed to detect or deter and AB&T will not be required to re-credit your account or otherwise have any liability for paying such items.
Checks that are presented over the counter for deposit will appear on the Reverse Positive Pay Report made available to the Company the second business day after the day of deposit.
Reverse Positive Pay allows Company to review all checks presented against its Accounts.
All presented checks for a Reverse Positive Pay account are treated as Exception Checks.
Company shall compare the information on the Reverse Positive Pay Report to the Company’s Issue Information.
The Reverse Positive Pay Service will show each check paid, along with its serial number and amount, and will give you access to an image of the check.
If Company fails to notify Bank of its instructions with respect to an item on the Reverse Positive Pay Report prior to the established cut-off time, the Exception Item will be paid or returned in accordance with the Company’s default instructions.

More Definitions of Reverse Positive Pay

Reverse Positive Pay means the service offered through Business Online Banking that allows Company to review Checks presented to Bank for payment to determine whether the Checks should be paid or returned.