Gateway Bank is happy to announce the latest version of Positive Pay is now available for all Cash Management customers. This automated check matching service helps minimize losses due to fraudulent checks. Learn more about how Positive Pay works, and contact our team to activate it for your account.
How Positive Pay works
Customers who use Positive Pay must upload a check-issue file (which has the account number, check number, issue date, dollar amount, and the payee of each check) each day as checks are written, or manually update their online banking with information about checks that have been written. Payee name must be included on each item that is uploaded or manually added.
When a check is presented at the bank for payment and does not have a proper “match” in the file, it becomes and “exception item.” The customer must log in to their online banking portal to correct any exception items.
Positive Pay is included in all Cash Management accounts at Gateway and simply needs your authorization to be turned on. Get in touch with our team to activate it and add an extra layer of protection to your account.