Positive Pay

What it is:
Positive Pay is a powerful way for your business to improve the control and security of your funds. It is an automated check matching process that compares checks you have issued with checks presented for payment. Positive Pay is one of the most effective check fraud protection strategies available.

With Positive Pay, KleinBank verifies the validity of checks presented for payment on your account before your funds are released. We will flag and report to you any instances where the check number or the dollar amount of the check do not match what you issued.

Positive Pay works at the teller window too. When a check is presented for payment to a teller, Positive Pay is used to search for a match in your check issue file matching the account number and dollar amount of the check being presented. If the check matches, it is cashed – using
available funds. If the check is a duplicate or doesn’t match the file, the transaction is stopped before the check is paid and fraud is committed.

How you benefit:

• Improved control and security
  Learn about suspicious checks as they come in for payment, and make informed decisions on their validity BEFORE any of your funds are released.
• Lowered costs
  Safeguarding your account transactions will minimize
  your time and effort in dealing with cancelled checks
  or fraudulently allocated funds.

For a free demo of Positive Pay, simply click on the Online Education Center. Go to the Business tab and click on Business Internet Banking. Positive Pay is part of the KleiNet eCorp™ demo. Our bankers are available to answer any questions about the benefits of Positive Pay. Please call 952-361-0853 or toll free1-888-553-4648.