What is Positive Pay? It's a business account feature that increases the effectiveness and timeliness of fraudulent check detection. With Positive Pay, business account holders can better monitor and detect unusual or unauthorized disbursement activity by comparing paid items against issue information to identify any discrepancies. Business customers can send a file of their issued checks each day, and in return, they will receive a daily notification of exception items conveniently on their desktop. This helps control which checks are paid against their accounts and guards against losses due to altered and counterfeit checks, as well as unauthorized items.
Features and Benefits:
- Reduces fraud due to timely notification of suspicious items
- Streamlined process as a result of online posting and processing
- Customer control is gained over the payment of checks
- Extensive reports are conveniently provided to customers
For more information on Positive Pay, please contact your local Customer Service Representative or the Cash Management Department at 1-800-345-8081.