The check reconciliation feature through Online Banking (also known in the industry as Positive Pay) is a strong defense against check fraud. This feature allows a commercial user to maintain a list of issued details, such as check number, payee and amount which will be compared to their daily in-clearing checks.
The system guarantees you a daily report listing any discrepancies between the issued check items and the cleared items. The user can review the exception items identified and make a decision whether the check should be paid or returned to the depositor.
How it Works
- Your company transmits a file containing the checks issued prior to distributing.
- Checks are presented and compared against your company file looking for a match in check serial numbers and or amounts.
- Checks that do not match become suspect and are manually examined for encoding or misread errors.
- Suspect checks are reported to your company online and the company advises the bank on how to proceed (pay or not pay).
- One time set up fee of $50.00
- $50.00 per month fee
For more information or to sign-up for this service please visit your local branch or call toll free at 877-758-1600.