Positive Pay
Billions of dollars are lost each year due to check fraud. With the continued technology advances it has become much easier to create and redeem fraudulent checks. Our bank understands the need for further protection against fraud, so we are offering tools to our customers such as Positive Pay and ACH Blocks.
How Positive Pay Works
Positive Pay is a monitoring system used by the bank to verify what checks are clearing your accounts daily. Customers will send their issued check files to the bank electronically each time a check is issued. Checks issued files will be compared to the check number and dollar amount clearing; items that match are paid without further inspection. Exceptions are reviewed for encoding errors, and errors are corrected. Suspect items are reported to the customer via i-BusinessBanking™ for a “pay/no pay” decision which will require responses by a pre-established time.
Features and Benefits
- Transfer check issued files directly from your desktop via our i-BusinessBanking™ website
- View report of exception items on-line
- Protect your company’s assets from check fraud
- Control over payment of exception items
- Timely return deadlines reduce disbursement risk
For more information, contact Jon Kolb in Treasury Managment at 847-277-8911 or e-mail jkolb@barringtonbank.com.
