Positive Pay is an automated cash management service offered by Meadows Bank to it’s commercial clients. Positive Pay improves control of your business finances, helping to prevent check fraud and account compromise. Through the use of this service, you can ensure that only legitimate checks are being presented and cleared through your business checking accounts.
When using Positive Pay, you will upload a list of your issued checks to the bank via our Treasury Management portal, our system will automatically compare all checks presented for payment on your account(s) to the list you uploaded. Checks that do not match your issued file will be flagged for review and a notification will be sent to you through the Treasury Management system. During your review you can determine whether the check should be paid or returned and the system will respond accordingly.
Although using Positive Pay requires a few extra steps on your part, the benefits far outweigh the additional few minutes you will spend uploading your file and reviewing any exceptions that are presented for payment. Using Positive Pay significantly reduces your potential for check fraud, allows you to catch errors on checks before they cash such as incorrect serial numbers, invalid dollar amounts, etc. and enhances visibility of your check activity for greater overall control of your business finances. By catching an attempted fraudulent check before it can clear your account, you are able to prevent a financial loss to your company and avoid the need to close the compromised account and open new accounts, saving you time and money.
If you would like more information about Positive Pay and how it can protect you and your business from potential fraud, please reach out to your Account Officer or Relationship Manager for more details.