Protect your business from fraud with Positive Pay
What is Positive Pay?
Positive Pay is an automated fraud-prevention system that helps to protect businesses against forged, altered, and counterfeit checks as well as fraudulent ACH debits.
How does it work?
As your business issues checks, you create an electronic list of those issued checks and upload it to our Bank. That list includes the check number, account number, issue date, and dollar amount of each issued check. Any check that is presented for payment is then compared to that list of authorized checks and if there is no match for that check in the transmitted list, the check is not paid, and the business customer is alerted. That business then tells us whether to cash the check or not. When ACH items post to your business account, you will create exceptions for companies that are ok to debit the account, then future debits will not hit as an exception, or you can mark each as pay or return.
How much does it cost?
The Bank of New Glarus offers Positive Pay to all Business Online Banking customers at no additional cost. Included is the peace of mind you will have knowing that your business is being guarded against fraudulent checks and ACH debits with this added protective service.
How do I enroll in Positive Pay?
For more information or to sign up for Positive Pay contact one of our Business Bankers and we can get the process started.