Positive Pay

Positive Pay , the most effective fraud-detecting tool available, is an automated check-matching service that will identify checks that have an altered dollar amount or were not legitimately issued. This service allows BankAtlantic to validate check numbers and payment amounts before a check is paid. Positive Pay works in conjunction with a Fraud Detection system that compares check characteristics with account histories and known criminal behavior patterns.

How Positive Pay works:

• You transmit an issue file (check numbers, dollar amounts, and check dates) to BankAtlantic when checks are issued
• BankAtlantic compares the paid checks to the issue file upon presentment and notifies you of any mismatches known as suspect items
• You review the suspect items and notify BankAtlantic of your pay/no pay decision.
• Positive Pay is not limited to deterring fraud within the check-clearing process. BankAtlantic tellers have the ability to verify checks drawn from a Positive Pay account when presented at the teller line.
• Positive Pay Benefits:

Savings

• Prevents financial loss due to check fraud
• Saves time and money by automating the labor-intensive reconciliation process

Control

• Improves audit control for issued and cleared checks
• Assists in minimizing the effect of encoding errors

Efficiency

• Provides timely notification of suspect items and allows you to quickly research and disposition them to pay or return

Securities and Investment Products are:

• Not a Deposit • Not FDIC Insured • Not Bank Guaranteed • Not Insured by any Federal Government Agency • May Lose Value