Reso 2014-2242 - Laserfiche WebLink

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Customer is responsible for complying with the payee verification services' check specifications as specificd by Bank from time to time in order to ensure the highest level of performance from the payee verification services. If Customer is unable or unwilling to comply with the payee verification services' check specifications as specified by Bank. Bank may. in its sole and exclusive discretion. (a) terminate or suspend Customer's use of the payee verification services as provided in the Cash Management Master Agreement. or (b) at Customer's request, re- configure the software associated with the payee verification services to systematically process ]'resented Checks in reliance solely on the payee name provided by Customer to Bank in the Check Issue File and without regard to any other information related to the payee name that may appear oft the Presented Checks (hereinafter "Systematic Override Checks "). Any Presented Check or Systematic Override Check that does not result in a minimum threshold or matching score shall be deemed an Exception Check and reported as such in accordance with the terms of this Appendix. Except as may otherwise be provided in this Appendix and in the Cash Management Master Agreement, Bank shall have no liability for Systematic Override Checks. 2.2.3 Customer shall send the Check Issue File to Bank in the format and medium, by the deadline(s), at scheduled day(s), at the place(s) specified by Bank and agreed to by Customer, as set forth in Services' Setup Vomits). The deadline for transmissions of the Check Issue File to Bank shall he set forth in the Services' Setup Form(s). 2.3 Payment of Presented Checks and Reporting of Exception Checks. Bank shall compare each Presented Check by check number, check amount and payee name (if Customer elects to receive payee verification services) against each Check Issue File received by Bank. Bank may satisfy its obligation hereunder by comparing check number, amount and payee name (if applicable) set forth in Substitute Checks, checks presented over- the - counter at one of Bank's teller stations and /or electronic presentment of checks. On each Banking Day, Bank: (a) may pay and charge to the Authorized Account each presented Check that matches. by check number. amount and payee name (if applicable). a check shown in any Check Issue File: (b) may pay and charge to the Authorized Account all Systematic Override Checks that match. by check number. amount and payee name (if applicable and as described herein), a check shown on any Check Issue File: and (c) shall provide to Customer an Exception Check Report that indicates whether Bank has received any Exception Checks and, if so, provide the image of the Exception Checks) by the deadline set forth in the Services' Setup Form(s) via the Bank Internet System. Customer must provide check payment approval or return instructions to Bank on each Exception Check reported by the deadline set forth in the Services' Setup Form(s) via the Bank Internet System ( "Pay or Return Decisions "). 2.4 Payment and Dishonor of Exception Checks. Except as provided in Section 2.4.4 below. Bank will pay or return Exception Checks in accordance with Customer's Pay or Return Decisions. 2.4.1 Pay Decisions. Bank shall finally pay and charge to the Authorized Account. to the extent there are sufficient Available Funds in the Authorized Account, any Exception Check that Customer directs Bank to pay. 2.4.2 Return Requests. Bank shall return to the depositary bank any Exception Check drawn on an Authorized Account that Customer directs Bank to return. 2.4.3 Default Options. If' Customer fails to provide Pay or Return Decisions to Bank in accordance with these requirements, Exception Checks will be handled in accordance with the default option as set forth in the Services' Setup Form(s) for each Authorized Account, in accordance with the following: (a) Return Default. Where Customer has selected the return default option. Bank shall return to the depositary bank any Exception Check drawn on that Authorized Account. (b) Pay Default. Where Customer has selected the pay default option. Bank may finally pay and charge to the Authorized Account any Exception Check drawn on that Authorized Account. 2.4.4 Checks Presented for Payment at Bank Teller Stations. Notwithstanding anything in this Appendix to the contrary, Bank may. in its sole and absolute discretion. return to the person presenting a check drawn on an Authorized Account for payment over- the - counter at one of Bank's teller stations any such check that does not appear on a Check Issue File. Customer acknowledges and agrees that Bank shall have no obligation to inform Customer that any such check has been presented for payment at a Bank teller station. Bank shall have no liability to Customer for wrongful dishonor with respect to any such check. 2.5 Customer and Bank Communications. 2.5.1 Customer or Bank. at its discretion, may each submit to the other party a revision of any communication provided for under this Appendix. The revised communication must (i) be sent in its entirety and not in the forth of a partial amendment to the communication originally sent, (ii) identify the original communication, and (iii) be sent in the format and medium. by the deadline(s). and at the place(s) established by the receiving party. A properly submitted revised communication serves to revoke the original communication. 2.5.2 Bank shall use only Check Issue Files that comply with Section 2.2 and have not been revoked in accordance with Section 2.5.1 in the preparation of Exception Check Reports under this Appendix.