Competing in the marketplace demands all your attention. As a result, guarding against check fraud can become a costly distraction. Comerica provides an effective solution with Positive Pay. 

Benefits

Positive Pay provides a number of important benefits to help your business save time and money:

  • Offers protection on a daily basis against losses due to fraudulent checks
  • Prevents cashing of unauthorized checks that are presented over-the-counter
  • Offers automated review of suspect items

How It Works

Prior to the date of check issuance, your company transmits to Comerica a data file containing a listing of all checks, identified by check number, dollar amount and issue date. Comerica then incorporates the check issue data into the file of previously issued but still unpaid checks. As checks are presented to Comerica for payment, they are matched against the database of issued and authorized checks. Any check presented at a Comerica banking center will be matched against this information; if the check fails to match, it will not be cashed. Any check that is presented for payment through the banking system that fails to match, is reviewed for errors and corrected, if applicable. Remaining suspect items are reported back to you. You then have the option to return any items the day you are notified. It’s that simple.

Online Convenience

Positive Pay and Image Services accessed through Comerica Business ConnectSM provides suspect item information with the ability to make pay or return decisions online. It also provides multi-user access from multiple locations. An added feature, online image, will provide the user a tool to aid in the pay or return decision. Positive Pay offers dual levels of authorization.

To send your bank issue and void information online, use ARP Services, also accessed through Comerica Business Connect. Check information can be entered individually or by uploading a file from your internal system or application. This expedites the process in submitting issued check information, allowing those items to be cashed at the banking center.

Payee Match

Payee match is an optional feature available to our Positive Pay customers. The payee match option compares the payee name provided to the bank on your check issue file, to the name that is typed on the payee line of your check. Items that are identified as mismatches will be presented to you to make pay or return decisions, or they will be referred to the maker if they are presented at a Comerica banking center. Payee Match adds an effective layer of security to your organization’s strategy against fraud.

Fraud Prevention Tips

Positive Pay is a practical business solution. It’s an automated process that puts you in control. And it’s another solution from Comerica that can help alleviate the worry about your accounts being compromised due to check fraud.

Processes to Prevent Fraud Include:

  • Separating the functions of check issuance and reconcilement
  • Keep check stock in a secure, locked area with checks under dual control, limiting access to authorized personnel
  • Destroy obsolete check stock
  • Have check stock reorders handled only by authorized personnel and audit the stock periodically
  • Review all checks before issuance
  • Monitor transaction activity for unexpected fluctuations
  • Keep any facsimile signature plates under dual control and in a secure controlled access area
  • Do not include your account number(s) and authorized signatures within the same correspondence
  • Reconcile bank statements promptly

To learn more about Comerica Positive Pay, please contact your Comerica Treasury Management Representative, or call Treasury Management Services at 888.341.6490.