Studio Bank A Guide to Commercial Online Banking

98

Positive Pay Managing Exceptions

Exceptions represent two types of items: items that do not match checks issued by the client to the bank or items attempting to clear an account where the Positive Pay service is set to run in reverse, requiring client review of all items.

Note: Default cutoff for Positive Pay additions and decisions is 11 AM CST.

Exception Types: • Duplicate Paid Item: The item was previously paid. • Paid Not Issued: The item was never loaded into the system as an issued check. • Stale Dated Item Paid : The item is a stale dated check. A check is considered stale dated if it is older than the client’s specified stale date. • Previously Paid Item Posted: The item was previously paid. • Voided Item: The item was previously voided. • ACH Transaction: When using ACH Positive Pay, if the item is an ACH transaction that was flagged as an exception by the ACH Filter rules defined for the account. Note: It is recommended that Positive Pay customers set up the “Positive Pay Exception” alert. This will alert them anytime there is an exception that needs attention. Go to page 115 for more information about creating an alert.

Positive Pay: Managing Exceptions