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Gain peace of mind and added security by reducing your exposure to check fraud.
Each time your company issues a check, it exposes itself to possible fraudulent checking activity. From the time a check leaves your desk to the time it posts to your account, any of a number of things can happen to it. It may be lost or stolen, altered, or outright forged. To manage your exposure to this type of risk, we offer Positive Pay.
With Positive Pay, First Midwest will only pay on the checks you have authorized and will bring to your attention any checks you have not authorized-- before they have a chance to clear through your account.
The Advantages
Security: Manage check clearing activity to reduce the risk of check fraud.
Convenience: All unauthorized checks received by First Midwest Bank will be brought to your attention.
Improved Cash Flow: Reducing the likelihood of fraud enables you to accurately forecast the cash needed to cover checks drawn against your account.
How it Works
Positive Pay utilizes the full reconciliation option of Account Reconciliation system to identify and report fraud suspect items.
1. The client sends First Midwest a file of the checks issued via transmission or magnetic tape. Those issued checks are added to the Account Reconciliation system.
2. The checks that pass to the Account Reconciliation system are then compared to the current file of outstanding checks issued. Suspect items are identified by First Midwest via daily reports.
3. In the case of a suspect item, the client is contacted via fax with the pertinent information regarding the item by 10:00 AM.
4. By 12:00 PM, the client must instruct First Midwest to either honor the check, adjust the check, or return the check.
Contact a Cash Manager
Return to Disbursement
Positive Pay
Direct Deposit
Corporate Totals
Zero Balance Account
Business Checking Account
Business Checking With Interest
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