Add Protection to Your Account with Positive Pay
Positive pay is a powerful fraud detection and prevention tool for your business. Accounts with Positive Pay feature an automated check and ACH verification process that serves as defense against forged, altered, or counterfeit checks.
Positive Pay with Bank of Washington
- Superior fraud prevention for ACH and checks
- Fast account reconciliation
- Payee Match functionality for even more protection
- Robust, customizable, self-service reporting
How Does Positive Pay Work?
Our system electronically compares the dollar amounts, check numbers, and payees of every check presented for payment against a record of check numbers, dollar amounts, and payees issued on the account. Checks presented that do not match are flagged and sent to the account holder for approval prior to being cleared through the account.
What are the Benefits of Having Positive Pay on Your Account?
- Reduce check and ACH fraud by identifying fraudulent items at the time they are presented rather than at the time of account reconciliation.
- Minimize losses by returning fraudulent items before funds ever leave your account.
- Ease audit pain. Most auditors conduct less intensive audits on accounts that have positive pay.
- Increase internal controls by adding an extra layer of verification for checks issued from your account.
