How TNB Positive Pay Works
Positive Pay is essentially a service that allows
you to review “exception” items that are presented for payment against your
business checking account. The basic process is this:
- Each day, you transmit to Town North Bank a list of issued checks.
This transmission is originated through the Positive Pay service.
- The list is matched against items that are presented for payment against
your business checking account.
- Items that do not match are returned to you for a payment decision.
- Items are matched by check number, account number and dollar amount.
Any item that does not match is presented to you for a payment decision.
The Benefits of TNB Positive Pay
The most obvious benefit is increased security
against potential fraud. This service can eliminate many hours of work researching
potential problems, saving your company both time and money. Plus, because items
are reviewed daily, fraud can be stopped as it occurs rather than being discovered
during account reconciliation.
The software application is easy to use, plus you have the flexibility to assign different
account permission to different users in your company. This gives greater flexibility for
companies that maintain separate accounts for different business functions or lines
Items that do not match the list you provide to Town North
Bank are presented to you as exception items requiring a payment decision.
Examples of exception items include but are not limited to:
- Amount Mismatch: A paid check does not match the dollar amount you
submitted for that check
- Paid-No-Issue: A paid check is not found in your submitted check register
- Duplicate Paid: A paid check is a duplicate of a previously paid item
- Paid Void: A paid check matches an item you submitted as a voided item
When any of these exceptions occur, you have the option of paying the item as
presented or returning the item unpaid. Control and peace of mind—these make
TNB Positive Pay an invaluable management tool for your business.
For more information, contact Treasury Management Sales
at (972) 391-6433 or toll free (877) 866-2265, ext. 6433!