Counterfeit or forged checks are one of the most common ways business owners experience fraud. According to the Federal Trade Commission (FTC), check fraud is on the rise, and it’s important for business owners to make sure they’re protected.
As part of our comprehensive cash management solutions, First National Bank offers Positive Pay, a solution that helps reduce the risk of fraudulent check activity as well as enhanced electronic check reconciliation for your accounts.
By creating a simple template, entering check data, and transferring this data to us online, we can review checks posting to your account to ensure they match the information you provided. Checks that do not match specified criteria are considered an exception, and they require your approval before being paid.
Positive Pay gives you peace of mind – and it costs you nothing. All you need is Business Online Banking and the compatible hardware and software.
“Due to the recent threat of fraud, we signed up for Positive Pay. In less than an hour, we had First National Bank representatives in the office setting up the free service. Within 24 hours, Positive Pay prevented over $10,000 from fraudulently leaving our account,” Shelley Hofer with Siouxland Oral and Maxillofacial Surgery said.
The First National Bank in Sioux Falls is committed to helping keep your business profitable for generations to come. We want to help you keep your financial resources safe, and ensure that every check you write is posted and paid as you intend.
Contact our Business Solutions team or click here to learn more about Positive Pay.