Check Positive Pay
Reduce the likelihood of check fraud by ensuring only preapproved checks are released for payment. Check Positive Pay provides early notification of potentially altered or fraudulent checks, giving you the opportunity to return these unauthorized checks. Checks received for payment at the bank are compared to a list of checks issued that you supply. Items that do not match are provided to you for review and payment decisioning.
Benefits of Check Positive Pay at Investors
Simply transmit a file with issued check numbers and when items are presented for payment, our automated validation process only pays matching checks and quickly identifies those that are outside the data you sent to us. You will receive email notifications on suspect items for review and can set up a default return if decision deadlines are missed. Plus, Teller Line Positive Pay is available for added protection on checks presented at any Investors Bank branch.
Only checks that match items on your supplied issue file (account number, serial number and amount) are posted to your account.
Transactions not meeting your criteria are sent to Commercial Online Banking for your review and approval.
Adding this feature provides you with an extra level of protection by validating the payee name for each check presented.
Checks presented at Investors branches are compared to issue files and unmatched checks are not accepted.
Establish alerts in Commercial Online Banking to receive exception notifications or remind you that the decision cut off time is approaching.