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Positive Pay

Positive Pay , the most effective fraud-detecting tool available, is an automated check-matching service that will identify checks that have an altered dollar amount or were not legitimately issued. This service allows BankAtlantic to validate check numbers and payment amounts before a check is paid. Positive Pay works in conjunction with a Fraud Detection system that compares check characteristics with account histories and known criminal behavior patterns.

How Positive Pay works:

  • You transmit an issue file (check numbers, dollar amounts, and check dates) to BankAtlantic when checks are issued
  • BankAtlantic compares the paid checks to the issue file upon presentment and notifies you of any mismatches known as suspect items
  • You review the suspect items and notify BankAtlantic of your pay/no pay decision.
  • Positive Pay is not limited to deterring fraud within the check-clearing process. BankAtlantic tellers have the ability to verify checks drawn from a Positive Pay account when presented at the teller line.
  • Positive Pay Benefits:

Savings

  • Prevents financial loss due to check fraud
  • Saves time and money by automating the labor-intensive reconciliation process

Control

  • Improves audit control for issued and cleared checks
  • Assists in minimizing the effect of encoding errors

Efficiency

  • Provides timely notification of suspect items and allows you to quickly research and disposition them to pay or return

 

 

 

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