With a recent uptick in fraud, especially counterfeit checks, we wanted to share some of the measures we take to help prevent fraud as well as some services you can take advantage of to better protect your accounts. We realize that these measures may seem intrusive and at times irksome, but please remember that it is all done for the safety of your business.
Below are a couple measures we take to protect your accounts against fraud:
- On all wire transfers, whether initiated online, through email or fax, a member of our team will call our client to verify the validity of the wire transfer, amount and to whom it is made payable.
- On large checks presented at one of our branches to be cashed, a member of our team will call our client to assist in identifying fraud and unauthorized transactions.
Below are a couple measures you can take advantage of to protect your accounts used for your accounts payable:
- Maintain control of your outgoing mail until in the hands of the USPS. Remind your vendors to maintain control of the receipt of their mail. Much of the recent fraud is due to the break-in of mailboxes, whether individual of community mailboxes.
- Take advantage of our Positive Pay service.
What is Positive Pay?
Positive Pay is a fraud prevention tool for business customers attached to our Treasury Management Online Banking System. It assists in the prevention of fraud by adding a layer of protection against forged, altered, counterfeit and unauthorized checks.
How does it work?
When a check is presented for payment against your account, that item is automatically run through our Positive Pay system to compare the account number, check number, issued date and dollar amount against a list of items you have issued and provided to the bank. If the check being presented is not included on the list of items you have given to us, it is automatically flagged by our system as an “exception” and you will be alerted through a computer generated notification sent to you by our Treasury Management System. Upon receiving this notification, you will log in to your Treasury Management dashboard to review the item and determine whether the bank should allow it to be paid, or if it should be returned. Upon making your decision, our system will either honor the item and allow it to be cashed, or return the item per your instructions.
How does the bank know which checks are issued by me?
You or a member of your company will upload a list of your authorized checks directly through your Meadows Bank Treasury Management portal. This is the file our system will check any items presented for payment against. Most accounting software is capable of creating a compatible file that can be uploaded into our system with no additional work on your part; the majority of our Positive Pay customers upload their files from the same file that they use to issue their checks. If you do not use any outside software to manage your check register, we also offer the ability to manually input your issued checks directly into our system.
How can I sign up for Positive Pay?
Inform your Account Officer, a member of your local branch or your Relationship Manager that you’re interested in learning more about Positive Pay and we’ll take it from there! A member of our team will reach out to you to discuss the product, and answer any questions you may have. If you determine that Positive Pay would be beneficial to you and your company, we will assist you with getting the proper agreements signed, setting up the system for you and providing training to you and your staff on how to use Positive Pay.