Positive Pay
This product will help you to identify fraudulent items at the time of check presentment (instead of during the monthly statement reconcilement). A “timely” return of a fraudulent check can usually eliminate fraud loss. You submit a file of checks you have issued to Midtown Bank. We will then match the account number, check number and dollar amount of each check presented for payment. Checks presented that do not “match” checks you have authorized appear as an “exception item” in an online report you view daily on Business Online Banking. You “decision” each unmatched item daily with a pay or no-pay decision.
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