Positive Pay

Understanding Positive Pay

Positive pay is a fraud prevention tool offered by Legacy State Bank that assists our business customers in reducing unauthorized check transactions, limits duplicate checks and provides alerts for suspicious activity. 

The system matches the date, check number, dollar amount, and account number of each check presented to the bank against a list provided by the company to protect against forged, altered, and counterfeit checks.

If provided information doesn't match, the bank sends an exception report and waits for company instructions to accept or reject the check. The bank can also flag the check, notify a representative at the company, and seek permission to clear the check. Any checks the system identifies as suspicious are sent to the business as an exception item for verification. All exception items must be processed every day prior to 11AM. 

What is needed to enroll in Positive Pay?