Most of us have security systems to safeguard our valuables. You can think of our Positive Pay1 as a security system for your business checking account. You’ll enjoy the peace of mind knowing any check that clears your account was issued by you.
Positive Pay is an anti-fraud system that enables you and the bank to work as a team to detect check fraud. With Positive Pay, you review items ready to post and “positively” telling us which should be paid. If anything doesn’t match, it’ll be identified as an exception item, then you’re in control of answering the question: “To Pay or Not to Pay?”.
An exception is any check debit that is presented to a Positive Pay account during interactive or batch process and is found to have one of the following exceptions:
Positive Pay improves the control you have of your account and gives you the tools to prevent check fraud – before it happens!