Positive Pay is a service provided to commercial customers to protect against check fraud. Positive Pay reduces fraud by validating the checks presented against your account for payment by automatically matching the items against customer-issued check records. Items presented for payment that do not match a corresponding item in the issued check record are flagged as an exception and referred to you for an approve/return decision.
Positive Pay assists with monthly account reconciliation by correcting encoding errors at the time the check is paid rather than researching these items at month end.
Benefits
- Reduced exposure to check fraud, duplicate paid items, and voided items that might clear.
- Suspect items are automatically identified, allowing company personnel to review and return any fraudulent or duplicate items on the day of presentment and before the Fed return deadline.
- Electronic access through online banking to reports and exception items for Positive Pay.
For more information, call (918) 748-4185.