Positive Pay Fraud Protection
When it comes to preserving your profits, it never hurts to have an extra set of eyes. With Positive Pay, Thurston First Bank provides an additional line of defense against losses due to employee theft, fraud or error. Positive Pay Fraud Protection allows you or your designated staff to authorize which check numbers and amounts should clear your accounts.
By validating the dollar amount and check number of each check before it is paid, Positive Pay shields you from costly losses and delivers peace of mind. Any checks that fail to match your issue information, called "exceptions," are researched and reconciled. If an unauthorized or altered check is identified, you will be notified electronically. You review the exception items and indicate online whether the checks are to be paid or returned.
Positive Pay Features and Benefits
Online Access to Exception Items
Each morning, electronic Positive Pay provides you with access to:
- Checks not included on the issue file
- Checks with duplicated serial numbers
- Checks without serial numbers
- Checks for which the paid amount differs from the amount on your issue file
Online Pay or Return Options
As you review your exception items each day, you can immediately enter pay or return decisions for each check online. You may choose to pay the check, or return it as unauthorized.
Teller line protection
The Teller Positive Pay service integrates your check-issue information with our teller system, offering you further protection if criminals come to our banking centers to cash counterfeit checks drawn on your account.
Should you delegate check-disbursing capabilities to others, you can monitor any unauthorized disbursements for each site.
Online transaction reporting
You can access a summary report of the previous day's transactions. The report includes the status of each exception, paid or returned, and each issue, added or cancelled.
Communicating online eliminates the time and costs associated with faxing and making telephone calls, and it ensures reporting and processing accuracy.