Positive Pay

One of the fastest growing fraud activities is the production of counterfeit checks on a customer's business account. Many businesses are taking on the added expense of daily reconcilement to avoid external and internal fraud.

This type of fraud and the need for time spent on frequent account reconcilement can be avoided with Positive Pay. With Positive Pay, checks presented for payment to the bank are verified against an electronic list you provide to us.




Summary
  • Be proactive in protecting your business from fraud
  • Provide us with an electronic file from your system listing the following:
  • Check number
  • Date
  • Amount of each check issued
  • When checks are presented on your account, they are verified against the file you provided
  • If the amount of the check is different from what you provided, it shows up as an exception through online banking
  • You then have the options to pay or return the check