Check fraud is on the increase. Losses from check fraud reach into the billions of dollars each year and no longer are viewed as a risk to only large corporations. Companies and financial institutions of all sizes are affected.
Here's how Positive Pay works: Checks presented again your company's account are compared to a file of issued checks that you've already provided to the bank. Checks that match the file are promptly paid. Checks that do not match are rejected and researched, and you are notified to provide instructions about whether to pay or return an item.
Positive Pay allows your business to:
- Make decisions on whether to pay a check presented against your account.
- Identify unauthorized transactions, including counterfeit or altered checks, before final payment.
- Gain complete and customized control over the check disbursement process.
- Fees: $5 per file, with a $20 monthly minimum.
For more detailed information, contact a personal banker or bank manager.