We have been on Positive Pay for only a couple of months and we have already seen the benefits it can provide. We were able to stop a stale dated check well past the 90-day limitation from being cashed and provide a copy to the policy holder that the reissued check was cashed by them.
It is extremely easy to upload the written check files into the Positive Pay system and to void checks that we are going to reissue. It can provide many variations of reports that we have not actually taken advantage of yet.
Positive Pay has made us more aware of the possibility of fraud even though you may think that everything is safe and secure because we live in a smaller city. We now have a habit of checking our bank account daily.
Heartland Mutual Insurance