Positive Pay is an automated detection tool that protects your business against altered, forged, and counterfeit checks:
- Businesses send Dime a file containing the check number, date, and dollar amount for each check the business has written
- When a check is presented for payment, the bank compares it against the information on the check file
- Where there’s a discrepancy between a presented check and the file information, the bank notifies the business
- Payment is withheld until the business instructs us to accept or reject the check
In short, Positive Pay stops people from cashing fraudulent checks using stolen account numbers. It also catches anyone trying to cash real checks with altered dollar amounts.