Bank First recommends that businesses and organizations utilize Positive Pay as an additional fraud prevention tool. We offer two types of Positive Pay: Check Positive Pay and ACH Positive Pay. Both services verify the authenticity of items presented for payment, ensuring that only legitimate and authorized checks or ACH transactions are honored by Bank First.
How Check Positive Pay works:
- As your company issues checks, certain information (check number, dollar amount, and payee) is electronically transmitted to Bank First.
- When your checks are presented for payment, we compare this information to ensure it matches the check number, dollar amount, and payee.
- If the details of the presented check match the information in the check issuance file, the check is considered legitimate, and the payment is processed as usual.
- If there is any discrepancy between the presented check and the information in the check issuance file, we will flag the check as an "exception" and alert authorized individuals at your company for further review and a decision.
How ACH Positive Pay works:
- Your company provides Bank First with a list of pre-approved ACH transactions that are expected to post to your account. The transactions can include details such as the amount, originator name, and other relevant information.
- When incoming ACH transactions are presented for processing, we compare the transactions against the list provided by your company. Only pre-authorized ACH transfers you permit will post to your account.
- If an incoming ACH transaction does not match your authorized transaction list, we will notify you of any attempted unauthorized transactions. You then have the option to allow the ACH to post or return the item within the 24-hour time limit to the originating bank. This is called an exception.
It’s important to note that Check and ACH Positive Pay are two of the many tools available for businesses to protect themselves from fraud and unauthorized transactions. Learn how you can add additional layers of security to your business banking accounts by completing the form below.