Positive Pay Agreement and Disclosure | Greater Nevada Credit Union

This agreement is made and entered into between you (“Member” or “You”) and Greater Nevada Credit Union (“Credit Union”) (hereinafter, the “Positive Pay Agreement”).

In consideration of the mutual promises and covenants herein contained, the parties hereto agree for themselves and their respective successors and assignees, as follows:

1. Deposit Account. Member wishes to utilize the Credit Union’s Positive Pay Service to monitor transactions posted against the Member’s authorized demand deposit account (the “Account”).

2. Description of Service. The Positive Pay check and automated clearinghouse (“ACH”) fraud reduction program (the “Service”) is a mitigation measure for the that an unauthorized check or ACH transaction will be paid against Member’s deposit account. To use the service, Member will submit electronic files to the Credit Union that identify checks or ACH transactions that have been validly issued by Member payable against the Account. The Service is available only through Greater Nevada Digital Banking, which requires agreement to the Greater Nevada Credit Union Electronic Banking “Greater Nevada Digital Banking” Agreement and Disclosure.

Checks: As checks are presented for payment, the Credit Union will match the incoming checks against the list of issued items. The Credit Union will electronically report checks that do not match the list of validly issued checks to the Member. The Member can then instruct the Credit Union to return checks drawn on Member’s Account that appear to be counterfeit, altered, or are otherwise not validly issued by Member.

ACH Transactions: The Member will add rules to ACH items by taking existing ACH payments and adding in certain information and placing a maximum dollar limitation on the item. The Credit Union will match ACH transactions against the Member’s rules, and any items that do not match will be identified to the Member. The Member can then instruct the Credit Union to pay or return the ACH transaction.

3. Check Issue Data. Member will provide the Credit Union with the complete issue date, serial number and amount of each check issued (the “Check Issue Data”) on the Account. Member may send more than one file per day. Member agrees to provide the Check Issue Data to the Credit Union by 11:00 a.m. (Pacific time) on the same Business Day that the checks are issued, in the format and medium specified by the Credit Union. “Business Day” is a day the Credit Union is open to the public for carrying on substantially all of its business (other than Saturday, Sunday, or listed holidays). Check Issue Data files that are received by the Credit Union after 11:00 a.m. (Pacific Time) will be processed the next Business Day.

The Credit Union will utilize the Check Issue Data to electronically compare to checks presented against the Account. In performing the Service, the Credit Union will use only the Check Issue Data that Member has provided to the Credit Union if the Check Issue Data is provided in the format and medium specified by the Credit Union.

4. Payment of Matching Checks. If a check presented against the Account matches the Check Issue Data, the Credit Union will make final payment and charge the matched check to the Account.

5. ACH Positive Pay. ACH Positive Pay allows the Member to monitor ACH activity and flag unauthorized transactions for return. ACH Positive Pay processing applies to entries with an ACH debit entry. This will also include checks that have been converted to an ACH entry.

6. Exceptions Report. The Credit Union will notify Member via email if a check or ACH has been presented for payment that does not match the criteria that has been provided by the member (an “Exception Item”).

7. Return Instructions. If Member is informed by the Credit Union that an Exception Item has been identified, Member must instruct the Credit Union through Greater Nevada Digital Banking whether to pay or return the Exception Item (a “Pay/Return Decision”). The Pay/Return Decision must identify each Exception Item by complete serial number and dollar amount. Member may view images of Exception Items via Greater Nevada Digital Banking prior to making the Pay/Return Decision.

8. Return Instructions Deadlines. The Member must make all Pay/Return Decisions for Exception Items by 11:00 a.m. (Pacific time) the same Business Day the Member receives notification (“Notification Deadline”). The Credit Union is under no obligation to return or decline an Exception Item if the Credit Union receives the Member’s Pay/Return Decision after the applicable Check Notification Deadline or ACH Notification Deadline.

9. Payment of Checks/ACH. In the event that Member fails to notify the Credit Union of Member’s Pay/Return Decision on an Exception Item by the Notification Deadline, Member will be conclusively presumed to have explicitly authorized the Credit Union to make final payment of the Exception Item and charge it to the Account. Member acknowledges that Member and any other joint account holders remain personally, jointly, and severally liable for any account shortage resulting from charges or overdrafts.

10. Limitation of Liability and Indemnification. Any check that the Credit Union returns in accordance with the terms of this Agreement will be deemed to not be properly payable. Any check drawn on the Account that Member authorizes the Credit Union to pay in accordance with this Agreement will be paid without the Credit Union performing any other check verification procedures. Member hereby agrees that, once Member has authorized the payment of a check or other debit transaction against the Account utilizing the Credit Union’s Positive Pay Service, the Credit Union will have no liability whatsoever for paying the check, regardless of whether or not the item was validly issued by Member and whether or not the Credit Union has performed any additional check verification procedures for the item. Member (i) agrees to indemnify and hold the Credit Union harmless from any losses or liabilities it may suffer or incur as a result of the Credit Union returning or paying a check or other debit transaction against the Account based upon Member’s Pay/Return Decision, and (ii) releases and forever discharges the Credit Union, its officers, directors, employees and agents, from any and all manner of action or actions, suits, claims, damages, judgments, levies, executions, expenses, costs, interest, attorney’s fees and legal expenses, whether known or unknown, liquidated or unliquidated, fixed, contingent, direct or indirect, which Member has, or ever can, may or shall have or claim to have against the Credit Union regarding or relating to the payment or return of any check pursuant to the provisions of this Agreement.

11. Stop Payment and Return Decisions. The Positive Pay Service shall not be used as a substitute for the Credit Union’s stop payment service, whereby the Member can request to cancel a payment before it has been made. Member agrees to follow the Credit Union’s standard stop payment procedures if it desires to return a matching or other check that was validly issued. Nothing in this Agreement will limit (i) Member’s right to stop payment on any matching or other check; (ii) the Credit Union’s right to return any matching or other check that Member has authorized the Credit Union to pay if the Credit Union determines, in its sole discretion, that the check is not properly payable for any reason; or (iii) the right of the Credit Union to return any check or other debit transaction when there are insufficient collected and available funds in the Account. Nothing in this Agreement will be construed as obligating the Credit Union to perform any verification procedures on any check or other debit that Member has authorized the Credit Union to pay, although the Credit Union may choose to perform certain check verification procedures if it so chooses in its sole discretion.

12. Termination. Either Member or the Credit Union has the right to terminate this Service by providing thirty (30) days’ advance written notice to the other party at the addresses shown below. The Service will automatically terminate immediately if Greater Nevada Digital Banking service is cancelled by either party, or the Account is closed for any reason by either party. Termination of the Service will not terminate Member’s or the Credit Union’s rights or obligations under this Agreement with respect to events or actions which occurred before such termination.

13. Survival. Section 10 will survive termination of the Service.

14. Positive Pay Service Fees. Refer to the Business Accounts Fee Schedule for current pricing.

15. Account Terms and Conditions. The Member acknowledges that all Account Terms and Conditions for the Member’s Account and the Greater Nevada Digital Banking Agreement and Disclosure are hereby incorporated into this Positive Pay Agreement and this Positive Pay Agreement does not alter or otherwise amend the Terms and Conditions applicable to the Member’s Account.

16. Holiday Schedule (Non-processing Days)

New Year’s Day
Martin Luther King Jr. Day
Presidents Day
Memorial Day
Juneteenth
Independence Day
Labor Day
Columbus Day/Indigenous Peoples’ Day
Veterans Day
Thanksgiving Day
Christmas Day