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Cash Management Services |
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Positive Pay |
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What
are Positive Pay Services?
Center Bank Positive Pay is an automated fraud detection
tool. In its simplest form, it is a service that
matches the account number, check number and dollar
amount of each check presented for payment against
a list of checks previously authorized and issued
by your company. All three components of the check
must match exactly or it will not pay.
Benefits of Positive
Pay
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Electronically transmit your check
issuance data |
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After you issue checks, the issue date,
check number, amount and payee information
are entered into our Web-based Positive Pay
system. |
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Identifies possible fraud |
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Center Bank will verify any item that does
not match the information you provide before
it is paid. |
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Reduce the potential of fraud loss |
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Center Bank matches the information on the
check to the list of check details you provided
to the Bank. If the information does not match,
it will not pay. |
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Delivers exception check images
online |
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You can review images of exception checks
and relay your decision through the Center
Bank Positive Pay System. |
How it works
Positive Pay requires the company to send a file
of issued checks to the bank each day checks are
written. When those issued checks are presented
for payment at the bank, they are compared electronically
against the list of checks transmitted by the company.
Here is an example:
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Using the web based Positive Pay Application,
your company uploads issued check |
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files which contain the check number, account
number, issue date, and dollar amount. |
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Checks presented for payment each day are
compared against the issued check file |
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and only those that match will be paid,
including those checks that were converted
and presented to the bank electronically. |
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When a check that does not have a "match"
in the file is presented, it becomes an |
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"exception item". The bank sends
an image of the exception item to the client.
The client reviews the image and instructs
the bank to pay or return the check. |
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The customer downloads the posted check
file from the Center Bank Positive Pay |
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System to reconcile with its accounting
system. |
For more information, please visit
the nearest Center Bank branch. You may also contact
the Cash Management Services department directly
at 1-800-788-4580. |
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