Positive Pay and Account Reconciliation

Billions of dollars are lost each year due to check fraud. With the continued technology advances it has become much easier to create and redeem fraudulent checks. Our bank understands the need for further protection against fraud, so we are offering tools to our customers such as Positive Pay and ACH Blocks.

How Positive Pay Works

Positive Pay is a monitoring system used by the bank to verify what checks are clearing your accounts daily. Customers will send their issued check files to the bank electronically each time a check is issued. Checks issued files will be compared to the check number and dollar amount clearing; items that match are paid without further inspection. Exceptions are reviewed for encoding errors, and errors are corrected. Suspect items are reported to the customer via i-BusinessBanking™ for a “pay/no pay” decision which will require responses by a pre-established time.

Features and Benefits

• Transfer check issued files directly from your desktop via our i-BusinessBanking™ website
• View report of exception items on-line
• Protect your company’s assets from check fraud
• Control over payment of exception items
• Timely return deadlines reduce disbursement risk

How Account Reconciliation Works 

COMMUNITY ADVANTAGE also offers reconciliation plans to simplify your internal bookkeeping and to meet your business requirments that can be used in conjunction with our Positive Pay service. The Bank receives a file of issued checks from you to match checks to be cleared with those that are issued. Additionally, we will send you a file of paid and outstanding checks which will balance to your statement.

Features of Account Reconciliation

• Reduces potential losses due to fraud by identifying suspect checks
• Accomplishes daily reconcilement in an efficient manner
• Improves audit control
• Reduces the amount of staff time devoted to account reconciliation

For more information, call our Trusted Industry Experts at (847) 304-5940 or email service@mymanagementadvantage.com