By signing up for Positive Pay, you reduce the risk of losing money to fraud. It’s just one of the many ways that CBB helps to prevent fraud and minimize risk for your business. Check Positive Pay identifies and prevents the payment of potentially fraudulent or unauthorized check activity, while Automated Clearing House (ACH) Positive Pay assists in detecting potential fraudulent ACH activity.
What is Positive Pay?
When you enroll in Positive Pay, you benefit from:
An automatic review of checks presented for payment
Reduced risk of ACH and check fraud
Saving time associated with manual ACH/check verification
Immediate alerts of any potential fraud
How does it work?
Positive Pay is a fraud prevention service provided by banks to help protect businesses from check fraud. It is a process where the company provides the bank with a list of checks it has issued, and the bank verifies each incoming check against this list before processing it for payment. This helps detect and prevent fraudulent checks from being cashed or deposited.
Why do I need it?
Positive Pay is primarily designed to prevent check fraud. However, it can also help in a variety of other ways, including helping to catch errors made during the check issuance process. The enhanced security offered by Positive Pay also results in peace of mind — knowing that your business has an additional layer of protection against check fraud so you can focus on your business operations with the confidence that your financial transactions are being actively monitored for potential fraudulent activities.
John McNeil, business owner, on how Positive Pay helped catch fraudulent activity in his business account.
How Positive Pay Helped Catch Check Fraud
Check Positive Pay and Payee & ACH Positive Pay
Take control of your payments and prevent fraud-related losses. This useful service can identify fraudulent checks before they clear your account. You can also control which ACH debits and credits are allowed to post to your account.
Contact us to enroll in the service and get started. Give us a call, visit a branch, or fill out our contact form to have us reach out to you.
Positive Pay compares the data from written checks to the information you have provided about the check. If we receive a check that does not match what you’ve told us, we provide you with an Exception Report via Online Business Banking.