Positive Pay

Positive Pay is an automated fraud detection tool. This service alerts clients to “match exceptions” on check and ACH* transactions and provides clients the opportunity to make “pay” or “return” decisions prior to posting to their account(s). F&M Bank offers the following Positive Pay services:

 

• Check Positive Pay: Verifies all checks presented for payment against a file to match a check against dollar amount, serial number, and issue status. Checks that do not match are reported as exceptions. Clients determine if each exception item will be paid or returned on a daily basis.
• ACH Positive Pay:  An online fraud mitigation service in which businesses manage debits and credits posting to their Checking Account using filters and blocks.
• Payee Match Positive Pay: Verifies checks presented for payment against the file submitted by the client to match against Payee Name. Checks that do not match are reported as exceptions. Clients reconcile on a daily basis if each exception item will be paid or returned.

*ACH is governed by NACHA Operating Rules