Positive Pay
Protect yourself against fraudulent checks.
Positive Pay saves you from the hassle that arises when forged or altered checks clear against your bank account. Washington Savings Bank makes it easy for you to protect your account against check fraud. No matter how big or small your business is, if you use checks, you’ll benefit from the security Positive Pay brings.
If your business hasn’t been a victim of check fraud yet, it quite possibly could be. Check fraud is a costly problem for businesses. According to the 2019 AFP Payments Fraud & Control Survey, 70% of organizations have been exposed to check fraud. Some of the most common types of check fraud include:
- Counterfeit checks
- Forged signature
- Stolen bank checks
- Altered checks
Payee
Dollar amount
How Positive Pay works
Simply upload a file with information on the checks you issue and Positive Pay ensures that the checks paid on your account match. This procedure prevents unauthorized checks from being processed. You are notified of check discrepancies and can determine whether to pay or return the check.
Benefits and Features of Positive Pay
- Direct data upload to the Positive Pay system
- Check information can also be key-entered for manual updating
- Check information is also available to Washington Savings Bank Tellers
- Notification of unauthorized items
- Review items and approve payment or return through Online Banking
- View check images conveniently from your desktop
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Protection from suspicious check activity
Reverse Positive Pay is a fraud management tool that simplifies account reconciliation activity related to checks presented for payment.
How it works:
- Customizable Alerts for Notification
- Each business day, we’ll present all paid checks from the previous business day to you in your Business Online Banking
- You’ll need to review all paid checks from the previous day’s activity and determine if any should be returned as fraudulent
It’s that simple.
What is the difference between Reverse Positive Pay and Positive Pay?
Reverse Positive Pay is typically well-suited for small business customers that issue fewer checks each month, or large businesses that may want to use it for a less active account and do not have the ability to submit check issue files to the bank. You can receive an alert to notify daily if checks are being presented! You simply review images of all checks paid from your account the previous banking day online and return any payments that appear fraudulent.
Positive Pay is suitable for businesses of all sizes and provides fraud detection functionality for checks presented matching payee, check number, issue date, and amount. This service requires you to send an electronic file of the checks you issue to the bank.
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ACH Positive Pay
According to NACHA – The Electronic Payments Association, the Automated Clearing House Network (ACH) handles more than $40 trillion worth of financial transactions a year.
Due to the increased volume of electronic transactions. ACH Positive Pay is an essential fraud prevention tool. ACH fraud has grown exponentially – and under NACHA rules, your business has only 24 hours to return fraudulent business-to-business ACH transactions.
Our ACH debit filter helps protect your funds, allowing only ACH transactions from the parties you authorize to debit your bank account.
Features of our ACH Positive Pay
- Allows you to add Vendors to an approved list as they clear or in advance
- You can set dollar limits, frequency, and end dates by Vendor
- Receive Alerts via text or email when ACH Debits arrive
- Allows you to Block specific Vendors by ID in advance or when they attempt to debit you
