Did you know that the FDIC does not cover losses from fraud? And as a business owner, your checking accounts are vulnerable to fraudulent activity. Positive Pay can virtually eliminate the risk of fraud from altered and counterfeit checks being drawn on your business checking account.
Positive Pay is an automated tool that acts as a form of insurance for your account. It works by matching the dollar amount, check number and account number of each check presented for payment against the log of checks that have been issued by your business. If these three components do not match up, the check is not paid.
Without Positive Pay, your company’s funds are at an elevated risk of check fraud. Positive Pay ensures that if a check does not match your logged debit items, the check is not paid…adding a layer of protection for your account.
How Positive Pay works:
- Business logs check number, issue date and dollar amount of check when issued
- Each check presented for payment is matched to the log
- When a check does not match the provided log, we’ll contact you. You’ll then be able to confirm or refuse the unmatched check
Ready to secure your business checking accounts with Positive Pay? Contact us at (636) 937-5351 or email: CashManagement@mwregionalbank.com