Positive Pay



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Positive Pay

 

Positive Pay is designed to provide enhanced security over your check disbursement process. You provide a file listing check number, date, amount and payee of each check you have issued. You then send a file to the Bank via their Electronic Banking Positive Pay Module. The check issued information is delivered to the Bank no later than 6:00 pm EST on the day checks are issued. The check file will be processed daily by the Bank against each day’s cleared checks.

Checks that do not match are listed on an exception report via your online banking. Customer is responsible for researching each exception item (check) and instructing the Bank by 11:00 am EST with a pay or return decision. Other benefits include:

  • Provides enhanced internal controls over physical checks
  • Identifies posting errors as the occur
  • Safeguards accounts from any tampered or counterfeit checks
  • Expedites the month end reconcilement process

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