Positive Pay and Reverse Positive Pay
Positive Pay and Reverse Positive Pay are vital tools for your business; each aimed at preventing check fraud and losses. They provide an extra level of protection against counterfeit, forged, and altered checks, helping you safeguard your business's finances.
Positive Pay
Best for businesses with routine check writing, businesses who have experience fraud.
- Your business provides a list of issued checks to First Bank, including check numbers, amounts, and dates. When a check is presented for payment, the bank verifies it against the list. If the details match, the check is paid. If it is not, it is flagged for your review.
- Positive Pay helps prevent check fraud by ensuring that only authorized checks are processed. It provides your business with a layer of security, as you control which checks are honored and which are not.
Positive Pay helps safeguard your business against check fraud by allowing the bank to verify each check presented for payment against your check issued file. Unauthorized or altered checks can be detected and stopped before payment.
Reverse Positive Pay
Best for businesses with limited check writing, businesses who have not experienced fraud.
- First Bank sends a list of checks that have been presented for payment to your business at the end of the business day. You or your designee then reviews this list and decides which checks to approve or reject.
- Reverse Positive Pay allows your business to monitor your outstanding checks daily, providing a more immediate response to potential fraud. However, it requires diligent oversight from you, as you must review checks promptly to prevent unauthorized payments.
Reverse Positive Pay provides similar protection to Positive Pay, but your business reviews and approves checks after they are presented for payment. This option requires more hands-on review and timely action to prevent unauthorized items from clearing.
Default Decision Options
There are two default processes for both Positive Pay and Reverse Positive Pay. Your business chooses the default process that works best for your business and risk profile.
- Return: If items are not reviewed and approved, the bank will return the check to the payee's bank.
- Pay: If items are not reviewed and approved, the bank will pay the check to the payee's bank.
Check fraud is a significant threat to your business. Positive Pay can play a crucial role in detecting fraudulent checks before they affect your account.
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