Enjoy the security of enhanced fraud detection with Positive Pay—a valuable service that gives you increased control and accountability, while minimizing losses.
How Positive Pay Works: Positive Pay is essentially a service that allows you to review “exception” items that are presented for payment against your business checking account. The basic process is this:
- Each day, you transmit to Western National Bank a list of
issued checks. This transmission is originated through the
Positive Pay service.
- The list is matched against items that are presented for
payment against your business checking account.
- Items that do not match are returned to you for a
- Items are matched based on account number, check number
and the specific dollar amount of the check. Any item that
does match these criteria is presented to you for a pay or
The Benefits of Positive Pay: The most obvious benefit is increased security against potential fraud. Other benefits include:
- Improved audit control
- Improved accuracy of deposit balancing
- More efficient research, saving your company both time
Plus, because items are reviewed daily, fraud can be stopped as it occurs rather than being discovered during account reconciliation.
Exception Items: Items that do not match the list you provide to Western National Bank are presented to you as exception items requiring a payment decision. Examples of exception items include, but are not limited to:
- Amount mismatch: A paid check does not match the
dollar amount you submitted for that check
- Paid-no-issue: A paid check is not found in your
submitted check register
- Duplicate paid: A paid check is a duplicate of a
previously paid item
- Paid void: A paid check matches an item you submitted
as a voided item
When any of these exceptions occur, you have the option of paying the item as presented or returning the item unpaid. Control and peace of mind—these make Positive Pay an invaluable management tool for your business.