What is Positive Pay?
Positive Pay is a fraud prevention tool designed to protect your account from thieves! Enrolled accounts enjoy the peace and mind and protection of knowing that only authorized checks and ACH withdrawals are clearing your account.
How does it work?
You simply enroll your accounts, then log into online banking each day between 9am – 2pm to tell us whether to pay or return your transactions.
Why would I need Positive Pay?
To protect your money from fraudsters who create counterfeit checks, alter your actual checks, or attempt to withdraw money from your account electronically. As a business, you only have 24 hours to notify us of suspicious or unauthorized activity in your account. Otherwise, you are at risk of losing your money!
Is it difficult to use?
Not at all. It is simple and easy to follow.
Does it take a long time to login and confirm my payments each day?
After training (which we provide at no cost), most customers log in and confirm their payments in less than 10 minutes daily. This estimate is based on a business customer who writes up to 50 checks per month and approves up to 10 ACH withdrawals per month.
Can I upload my issued check details to the bank?
Yes, customers have the option to upload issued check details and allow our system to match your items daily. We also provide the ability to enter check details manually. The system is very scalable and can accommodate businesses of all sizes and activity levels.
What if I forget to login and approve my items?
Your checks and ACH transactions will be returned unpaid if you fail to log in and confirm transactions. This is for your protection to ensure unauthorized transactions are not paid.
How much does it cost?
$20 per month for the first account, then $10 per month for each additional account. Enroll as many accounts as you’d like. For a limited time, we are waiving our standard monthly charges for this service in an effort to educate our customers about the benefits of Positive Pay. Ask your primary account officer or Jeff Hayden in our Treasury Management department about any promotions which may be available when enrolling for the service. This promotion is subject to change.
How do I enroll?
Contact your primary account officer or Jeff Hayden in our Treasury Management department to sign up today!
