Positive Pay

Positive Pay

Our check and/or ACH activity monitoring tool, also known as Positive Pay, provides an effective and practical business solution that helps you guard against check and/or ACH fraud. This service delivers protection on a daily basis against losses due to fraudulent payments and the presentation of unauthorized items to MidWestOne Bank.

Benefits

• Detects suspicious activity
• Reduces risk of financial loss
• Safeguards your company’s reputation
• Reinforces your audit trail
• Simplifies account reconciliation

Types of services

1. Check - You submit an issued checks file telling us which checks have been issued. This service matches check number, account number and dollar amount of each check presented for payment to the checks in the issued checks file.
2. ACH – You provide guidelines for monitoring ACH activity to us. Any transactions that do not meet those guidelines require your approval before being posted to your account.
3. Payee Match – Optional add-on to Check positive pay which matches the payee name on checks presented for payment to the payee name in your issued checks file. This service helps detect checks which have had the payee name altered after issuance.