FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Positive Pay is an automated fraud protection tool for businesses that checks for and alerts you to fraudulent, altered, or counterfeit checks, as well as fraudulent ACH postings.
U.S. businesses lose 5% of their revenue to fraud each year, and the losses from fraud reached an all-time high in 2023!*
Check and ACH fraud continue to pose significant threats. Fraudsters can easily alter, forge, and counterfeit checks. For ACH transactions, they only need routing and account numbers to commit fraud.
Positive Pay is fully integrated into WRCB’s online banking and mobile app, eliminating the need for extra logins or separate systems.
You can manage and protect your transactions easily within your existing banking platform.
The tool matches the account number, check number, dollar amount, date check was issued, and actual payee of the check against a list of checks you previously authorized and issued.
If there is a discrepancy, it flags the check as an exception and sends a report for you to review. You can then choose to accept or reject the check.
Puts you in control of clearing ACH transactions before they post, allowing you to review them and decide if they should be paid or returned to the originating bank.
To get started with Positive Pay, contact our Treasury Management Department through the online form or by calling 920-779-7000.
They’ll be happy to schedule a one-hour meeting at your business to set up the system and guide you through its navigation and best practices.
Positive Pay, our automated fraud detection tool, matches the account number, check number, dollar amount and payee of each check that’s presented for payment against a list of checks you previously authorized and issued. It also allows you to manage and monitor ACH debits and credits. With Positive Pay, you can receive alerts for various scenarios, such as checks paid not issued, mismatched payee or amounts, or void or stop items.
Simply upload your check register nightly, and in the event of a flagged check or ACH debit, you will receive a notification allowing you to review and make a decision on the transaction in question before it comes out of your account.
*Statistics from the Association of Certified Fraud Examiners and the Federal Trade Commission.
