How Electronic Positive Pay works
You provide Bank of America with your check-issue information,
and each day, Bank of America verifies both the dollar amount and
the check number as your checks are presented for payment. Any checks
that fail to match your issue information, called "exceptions," are researched.
If an unauthorized or altered check is identified, Bank of America will
notify you electronically. You review the exception items and indicate online
whether the checks are to be paid or returned.
Features and benefits
- Online access to exception items. Each morning, Electronic Positive Pay provides you electronic access to exception items, such as
- Checks not included on the issue file
- Checks with duplicated serial numbers
- Checks without serial numbers
- Checks for which the paid amount differs from the amount on your issue file
- Checks exceeding a maximum dollar amount (if requested)
- Stale-dated checks (if requested)
- Online pay or return options. As you review your exception items each day, you can immediately enter pay or return decisions for each check online. You may choose to pay the check, return it for fraud or return the check for another reason.
- Teller line protection. The Teller Positive Pay service integrates your check-issue information with our teller system, offering you further protection if criminals come to our banking centers to cash counterfeit checks drawn on your account.
- Disbursement monitoring. Should you delegate check-disbursing capabilities to others, you can monitor any unauthorized disbursements for each site.
- Online transaction reporting. You can access a summary report of the previous day's transactions. The report includes the status of each exception, paid or returned, and each issue, added or cancelled.
- Automation. Communicating online eliminates the time and costs associated with faxing and making telephone calls, and it ensures reporting and processing accuracy.
Use with Account Reconcilement service
You can use Electronic Positive Pay with the Bank of America Account Reconcilement service or as a separate service. Account Reconcilement customers can add manually issued checks or delete previously submitted items to their issue file online.
For customer service on an existing account, please contact us.
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