POSITIVE PAY IS ONE OF THE MOST POWERFUL TOOLS YOU CAN USE TO PROTECT YOUR COMPANY AGAINST CHECK FRAUD
JD Bank’s Positive Pay system is a comprehensive solution for identifying fraudulent checks that have cleared against your business account. Our system allows you to import positive pay files through Business Online and compares information in those files with transactions that have posted to your account. Exceptions such as duplicate transactions, amount discrepancies, and check number mismatches are identified automatically. Decisions on exception items can be made by you or your staff through your Business Online login.
THE BASICS OF POSITIVE PAY:
- When you issue a batch of checks through your accounting program, each check has a certain profile – the date, the amount, the payee, and the account on which the check is drawn.
- Those records are exported from your accounting program, and imported to the Positive Pay system.
- As those checks are deposited and reach us for posting, we compared the details of the check to the details you provided when it was issued.
- If differences or discrepancies are found, the check is flagged, and placed in the Positive Pay “Exception” list for you to review.
- You can then determine whether the check should be paid or rejected.
- It’s a simple but powerful way to stop the most common types of check fraud.