Is Your Company Protected From Check Fraud?
Peoples State Bank offers Positive Pay Services as the most effective way to detect and minimize monetary losses associated with check fraud. Every business day, you submit an electronic file of your issued checks. Peoples will compare that file with the checks presented for payment and will only pay those items that match. If an item does not match you have the opportunity to make a pay or return decision.
Fraud is on the rise and the loss associated with it is increasing as well. To reduce or eliminate check fraud losses before they occur let Peoples help with our Positive Pay Service. Positive Pay will help to protect your accounts and your money by matching the checks presented to the bank for payment to those you have issued from your office.
Protection from fraud
It has been reported that annual check fraud losses now exceed $20 billion per year. And each year the instances of fraud in Central and Northern Wisconsin increase. It is only a matter of time until your business is affected. Positive Pay services help to detect and stop check fraud BEFORE money is debited from your account.
It’s your responsibility too
Because of changes in the UCC code both banks AND businesses are responsible for detecting and preventing check fraud. Positive Pay is the best “insurance” a company can have to aid in prevention.
Easy to use
Peoples makes using Positive Pay easy. It is accessed from our standard Internet Banking site so you only have to log on once for all your banking needs. View copies of presented checks so you can see immediately if an item should be paid or if it is fraudulent.
It can take hours of your time to file fraudulent activity reports and reconcile accounts after fraud has occurred. Positive Pay will detect fraud and save you that time in the event your account ever has fraudulent activity.