AVOID FINANCIAL LOSSES: POSITIVE PAY
When it comes to payroll and paying bills, you want to have control and accountability that the check you’ve issued to your employee or for your vendor services is, in fact, issued by your company. That safeguard is called positive pay.
Positive pay is a bank service used to protect your business from check and ACH fraud (Automated Clearing House). Call it a defense that you, the business owner, can place against unauthorized transactions by partnering with your bank. The service can offer:
• Extra security related to fraud detection
• Improved accuracy of deposit balancing
How Does It Work?
Here’s what gets reviewed when a check is presented for payment at the bank:
• Account number
• Check number
• Dollar amount
They are compared electronically against a list of other checks previously authorized. According to the U.S. Department of Treasury, financial institutions can reject checks that are stale, not on the company’s list and those exceeding a specific dollar amount. Essentially, the service hopes to reduce your financial losses and avoid liability.
How Can City National Bank Help You?
Reduce the stress of payroll and paying bills by enrolling in CNB’s Positive Pay service.
Features include (but are not limited to):
• Scans for duplicate postings
• E-mail alerts when exceptions have been detected
• Improved accuracy
• Daily review of items
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