Gain complete, customized control over the payout of your checks with Bank of Colorado's convenient Positive Pay services. You’ll improve your check disbursement methods, save time, and reduce your exposure to fraud risk by identifying unauthorized transactions before your final payment. Choose from either Check Positive Pay, ACH Positive Pay (also called a debit filter), or both!
Are You A Good Candidate for Positive Pay?
- Has your company ever experienced check or ACH fraud?
- Does your company issue numerous checks and carry large account balances?
- Does your company have automatic payments debited from its accounts?
- Would you feel better knowing that the checks clearing your account were actually issued by you or that the ACH transactions were pre-approved by you?
Positive Pay Allows You To:
- Improve audit control
- Reduce the potential for fraud
- View images of suspect checks online through our secure website
- Efficiently reconcile your account each day
- Set parameters on debit types, dollar figures, and make automated decisions
- Set up sub-users, dictate their rights, and reset your own employees’ passwords
How It Works:
- Each time you issue checks, you will notify Bank of Colorado electronically of your issued check information.
- You can also set up known ACH authorizations and parameters for exception items.
- As items are paid, Bank of Colorado will automatically match the information according to the parameters, pre-approved authorizations, and the checks issued information you have provided to create any exceptions that will need your approval to be paid.
- An email is sent each day there is an exception item.
- You log in and decide to pay or return exception items by 9:30 a.m. MST on the website.
Contact your local Bank of Colorado today to see if Positive Pay is right for your business, or click below to request additional information.