Positive Pay

Positive Pay is an Online Business Banking fraud detection 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 elements of the check must match exactly or it will not clear.

How does it work? Positive Pay requires you to upload a file that lists 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 transmitted checks. The file sent to the bank contains the check number, account number, issue date, payee name, and dollar amount.

When a check is presented that does not have a "match" in the file, it becomes an "exception item." Exception items are listed online for you to approve or deny.

How do you set up up Positive Pay? Contact one of our friendly Bank of American Fork Business Development Representatives today!

For more information on Positive Pay call us in Utah County at (801) 642-3456, in Salt Lake County at (801) 428-1046, toll free at (888) 842-3456, or visit one of our 11 branches.