See how to ensure that the business checks you write are cashed by the right party, for the right amount. Positive Pay also protects your account against unauthorized ACH debits.

Individuals aren’t the only ones concerned about fraud. Business owners can lose money when thieves steal checks, alter the payment details or try to debit your account with an unauthorized ACH. If your business uses paper checks, Positive Pay is a tool that can make sure your checks are only cashed by the intended party and for the right amount.

What is Positive Pay?

Positive Pay is a fraud mitigation tool for checks and ACH. It matches checks issued by a company with the checks presented by (for) payment. If anything on the presented check doesn’t match, the check becomes an “exception” which the company can then decide to pay or return. For example, if the payee name or amount payable doesn’t match the original check, it’s electronically flagged in the Positive Pay system as an exception. An Online Banking user, assigned by the business, with unique permissions would then get an email notification. Then the user with the “decision” permission reviews the check and either approves or denies payment for the check. For ACH, the user can set rules for allowable ACH or review all debits for ACH and pay or return the transaction.

Entering check information to be verified before checks are cashed and reviewing exceptions is easy to do with Online Banking.

Who can use Positive Pay?

Business Members can sign up for Positive Pay to protect themselves against fraud and financial losses from check washing scams. It’s most popular for organizations that:

• Have an account balance of $100,000 or more
• Hold numerous business accounts
• Issue a large volume of checks or ACH transactions
• Have previously been a victim of fraud
• Are municipalities

How much is it?

The extra layer of protection provided by Positive Pay is available for a flat fee of $30 a month per account. There’s no limit on the number of checks or ACH that can be verified.

To get peace of mind in a world where check washing scams and ACH fraud are increasing, ask your commercial loan officer to sign your business up for Positive Pay.

 

All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications, and collateral conditions. Federally Insured by NCUA