Never pay a bad check again
Positive Pay is a fraud-detection service available through online business banking
that allows you to catch fraudulent checks before you pay them. Positive Pay matches
the account number, check number and dollar amount of each check presented for payment
against a list of checks previously authorized and issued by your company. All three
elements of the check must match exactly or it will not clear, thus saving your
company money by not having to pay for fraudulent checks and time by avoiding the
hassles of trying to recover funds.
How does it work? Positive Pay requires you to upload a file that lists checks issued
to Bank of American Fork each day checks are written. When those issued checks are
presented for payment at the bank, they are compared electronically against the
list of transmitted checks. The file sent to the bank contains the check number,
account number, issue date, payee name and dollar amount.
When a check is presented that does not have a match in the file, it becomes an
"exception item." Exception items are listed online for you to approve or deny,
allowing you to ensure that checks you have written are cashed by the correct parties
and for the correct amounts. It effectively thwarts efforts of those who would alter
checks for fraudulent purposes.
Positive Pay is available for a small monthly fee.
Contact a business banker to learn more about how you can protect your company
from fraudsters using Positive Pay.