Positive Pay. The Company shall submit a check issue file (“Issue File”) to the Bank by 10:00 p.m. ET on the business day on which the Company issues a check(s) that accurately contains the following information with respect to each check drawn on its Account since the last Issue Report was submitted: (a) account number; (b) check serial number; (c) dollar amount of each check and any other information the Bank may require (collectively, the “Issue Information”). For first time users of Positive Pay, a list of all outstanding checks as of that day must be sent to the Bank. The Issue File shall be electronically transmitted to the Bank in a format mutually agreed upon by the parties. The Bank shall electronically compare the Issue Information with each check presented for payment (“Presented Item”). If the Issue Information matches the information on a Presented Item, the Bank is hereby authorized to pay such item. If any of the Issue Information does not match the information on a Presented Item, the Bank will identify the item as an exception item (“Exception Item”) and report it to the Company by sending an exception report (“Exception Report”) specifying the item serial number, the item amount and the reason why the item is an Exception Item. The Exception Report will be made available to the Company electronically generally by 9:30 a.m. ET, or such other time as may be established by Bank from time to time, on the business day following the business day the Exception Item is presented for payment. The Company shall promptly review the Exception Report each business day. The Company must timely notify Bank whether to pay or return each Exception Item before 3:00 p.m. ET, or such other cut-off time as may be established by the Bank from time to time, on the same business day the Exception Report is made available to the Company. If Company fails to notify Bank of its instructions with respect to an Exception Item prior to the established cut-off time, the Exception Item will be paid or returned in accordance with the Company’s default instructions. If no default instructions have been provided, the Exception Item will be returned. Payee Positive Pay Payee Positive Pay enhances the Bank’s Positive Pay Service by additionally comparing the payee name from the Presented Item against the payee name on the Issue Information. As part of the Issue Information, Company will also include the payee name. When items are presented for payment, in addition to comparing the check n...
Positive Pay. The Bank's positive pay service is a data matching service and a tool that business account customers may select for eligible checking accounts to help you manage and control risks associated with the payment of items presented against your account through the normal interbank clearing process, by enabling you to detect and prevent check fraud by identifying Items presented for payment to the Bank that you did not issue or authorize and to decide which discrepant items are to be paid or returned unpaid. You agree if the Bank offers you its positive pay service or other commercially reasonable security procedures designed to safeguard your account and you choose not to enroll in those services, you agree to assume all of the risks associated with the payment of all items drawn or presented for payment on your account.
Positive Pay. We offer a Positive Pay product that provides complete “pay” or “no pay” control of exception items by comparing check issued information to checks presented for payment.
Positive Pay i. Acceptance, Effective Date and Start of Services. Upon our receipt and approval of any application and enrollment forms that we require, you will be able to utilize the Positive Pay service to monitor account activities.
Positive Pay. 10.1 Description of the Positive Pay Service. Through the Online Business Banking Positive Pay Service you can submit to us a list of the serial numbers and the exact amount (dollars and cents) of the checks that you issue which we will compare against the information that is encoded on items presented to us for payment against your designated account. You may also instruct us not to pay certain items presented against their accounts. If our records regarding checks presented against your account matches the information you provide to us regarding the checks you have issued, you agree that we may treat the matching items as validly issued and properly payable, and that we may process such items for payment. If the information does not match, and you do not provide us Instructions on whether we should reject them, we will assume that you wish such items to be paid and we will allow such non-matching items to be debited against your account. Instructions regarding this Service must be received by 11:30AM ET for processing or else the Bank will not act upon them.
Positive Pay. Account Reconciliation enabled member who participate in our Positive Pay can instruct us not to pay certain items presented against their accounts. If our Account Reconciliation reports of checks presented against your account matches the information you provide to us regarding the checks you have issued, you agree that we may treat the matching items as validly issued and properly payable, and that we may process such items for payment. If the information does not match, we will reject and return the non-matching items (unless you and we agree on another procedure).
Positive Pay. You agree that you will utilize the Positive Pay system (or any subsequent system providing similar or better protection against fraud within a reasonable time after it is offered to you) we have offered to you. in the event that we pay any Fraudulent Item that has not been verified by you pursuant to the Positive Pay system: (1) you shall bear any direct loss if you failed to properly utilize the Positive Pay system and we will not be required to re-credit your account or otherwise have any liability for paying such items; (2) we shall bear any direct loss if you properly utilized the Positive Pay system but we honored such Fraudulent Item contrary to the Positive Pay preferences you have established with us in writing. The apportionment of liability herein applies solely to Fraudulent Items (as defined on Section 12 above) and does not affect any other type of loss addressed elsewhere in this Agreement. The foregoing notwithstanding, the foregoing loss allocation rules specifically shall not apply to losses caused by forged endorsement(s) or, until such time as Positive Pay or a successor system is able to detect altered payee names, to altered payee names, each of which shall continue to be governed by the provisions of the Uniform Commercial Code as though this section 19 did not exist.
Positive Pay. If Depositor and Bank have entered into any agreement relating in any way to positive pay services, the agreements, terms and conditions and disclosures are incorporated herein for all purposes. ATM OR DEBIT CARD: Subject to the Order of Payment provision above, each Authorized Signatory agrees and acknowledges that any use of an ATM or Debit Card will immediately reduce the available funds in this Account by at least the amount communicated, electronically or otherwise, to Bank, whether communicated as a withdrawal, transfer to another account, completed vendor transaction, authorized administrative hold for payment of a pending or future vendor transaction, or any other transaction, however structured and/or designated. Bank has an absolute right to rely on the information electronically or otherwise communicated to Bank regarding any use or the attempted use of an ATM or Debit Card, and Bank has no duty or obligation to make any inquiry regarding the authority of the user or the accuracy of any information communicated to Bank regarding any ATM or Debit Card transaction. For Commercial ATM or Debit Card, to the extent allowed by law, any transaction, including without limitation, transfers or withdrawals of cash from, and/or direct debits to or direct debits from, or administrative holds on, this Account, and/or any other use of any ATM or Debit Card, together with its designated P.I.N., is hereby agreed to be, and is deemed to be, an authorized transaction benefiting Depositor, and Bank is relieved of any liability for processing such transaction, regardless of whether it was properly payable from and/or debited to this Account and whether Depositor received any benefit. It is agreed and stipulated that Bank, by use of ordinary care at all times in ATM or Debit Card transactions cannot protect or maintain security of ATM or Debit Cards or their designated P.I.N.s, and or immediately detect the loss of possession of or control over, or any misuse or unauthorized use of, ATM or Debit Card and their designated P.I.N.s. When you use your ATM or Debit Card at a merchant that settles in currency other than U.S. Dollars, the charge will be converted into the U.S. Dollar amount. The currency conversion rate used to determine the transaction amount in U.S. Dollars is either a foreign government mandated rate or the wholesale market rate in effect the day before the processing date, increased by the margin set forth in the applicable Schedule of Fees and Charges...
Positive Pay. Positive Pay provides certain account services through an automated matching system. Your lists of checks or ACH entries recently issued will be compared against the amount and check number of the checks and all information on the rules you created for an ACH entry that actually clear against the specified Account(s) activated for the Positive Pay Service and listed in the supporting documentation. You agree that the Bank will only be obligated to match the check number and dollar amount from the Check Issue File (defined below) and that the Bank may, at the Bank’s sole discretion, but is not obligated to, match additional data provided in the Check Issue File (“Additional Data”), including payee name. Regardless of whether the Bank decides to match against Additional Data, and notwithstanding the fact that Additional Data may be included in the Check Issue File, you further agree that the Bank will not be liable to you and you agree to hold the Bank harmless from loss or liability resulting from the Bank’s action or inaction with respect to Additional Data. The Bank’s determination to match Additional Data in any case will not obligate the Bank to continue to do so in other instances. Notwithstanding the foregoing, the Bank and you may agree to the Bank’s review of Additional Data, subject to additional terms, fees and conditions. Unless the parties agree to other default provisions, the Bank shall default to a “return” decision for any Exception Item for which you have not submitted a decision on the same business day by the deadline specified in the Supporting Documentation. Definitions:
Positive Pay. If you execute our Positive Pay Service Agreement, complete our positive pay set-up procedures (including any special set-up procedures for use of online positive pay services), and comply with our positive pay procedures and instructions, you will be permitted to utilize our online banking facility to transmit to us your positive pay issue file, enter manual entries to your issue file, view your positive pay suspect items, and instruct us to pay or return such items. Currently, the deadline by which we must receive transmission of your issue file and any manual entries through online banking is 4:00 pm CST. Currently, the deadline by which we must receive your pay or return instructions for suspect items is 11:00 a.m. CST. If we do not receive your pay or return instructions for suspect items by that deadline, we shall be entitled to return suspect items. We will have no responsibility with respect to the failure of any attempt we might choose to make to try to accommodate you with respect to instructions received after such deadlines. If we are contacted by a person whom we believe to be your authorized representative and who requests, via facsimile transmission or other means of communication, that we pay or return suspect items, or who provides other positive pay-related information to us, we shall be entitled to rely upon such instructions and information in good faith. You must comply with our positive pay procedures and instructions as set forth in the Positive Pay Service Agreement, this agreement, and any other procedures or instructions we may furnish or make available to you. Positive pay services are subject to fees which have been separately disclosed to you.
