Positive Pay Services
With Positive Pay, you can be more confident that important procedures are in place to prevent fraudulent items from being paid against your account.
How does it work? Positive Pay, in conjunction with full reconcilement services, scans the account daily to verify that in-clearing items match the items issued by the customer. First, we maintain an electronic database that serves as an Issues file of checks. On a daily basis, the Bank matches in-clearing checks to the database. If an item does not match any of the issues, it becomes a Positive Pay Exception and we notify you via a check or phone call on the same day. You decide whether the item should be paid or returned unpaid. An end of month reconcilement creates an Outstanding List of items that remain until they are cleared or you remove them from the Issues file.
More Benefits of Positive Pay Services:
- Reduces check fraud
- Safeguards your account from errors
- Simplifies month-end reconciliation
- Increases efficiencies and cash position awareness
Click here to ask one of our electronic banking specialists about Positive Pay Services.