Don't let your business be a victim of fraud.
WHAT is Positive Pay?
Positive pay is a simple, but effective fraud prevention system for businesses that we offer to help protect against altered, forged, and counterfeit checks. It stops criminals from cashing fraudulent checks using stolen account numbers. It also catches bad checks where the check amount has been altered or the check has an invalid date.
WHY use Positive Pay?
Paper checks are an easy target for criminals. Since they are passed by hand, they can easily be stolen, duplicated, altered, or cashed illegally. To make matters worse, a business can't count on a bank to reimburse them after accepting a fraudulent check.
HOW does Positive Pay work?
- Using your Cash Management Online Banking account, you enter the checks you issued.
- BankTennessee will compare the checks you entered into Online Banking to the checks we receive for payment.
- When BankTennessee receives a check that does not match the checks you entered in Online Banking, the system creates an "exception item."
- A list of any "exception" items will appear in your Cash Management Online Banking for you to pay or return.
WHAT is an exception item?
An exception may be created when:
- Checks are presented for payment, but they have never been aded to the issued check file.
- Checks are presented with an amount that does not match your issued check file.
- Checks are presented with a check number that does not match your issued check file.
WHAT is the deadline for my pay/return decision?
Exception items must be paid or returned by the customer no later than 10:30 am CST. If they have not been paid or returned by that time, the system will automatically return the items.
Protect your checking account from fraud!