Prevent Check Fraud and Save Money
Positive Pay is a proactive measure in check fraud. Arvest can provide online transmission, and will match account number, check serial number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by your business. If issued checks do not match previously referenced criteria, they will reject as a Positive Pay exception.
Alerts can be set up within our online business banking platform, Cash Manager, to notify you each day of exception items by 11:00 a.m., and decisions to pay or return the items must be made by your business through Cash Manager by the deadline of 3:00 p.m.
Benefits of Positive Pay Include
- Reduces check fraud
- Places checks on hold if the serial number and amount do not match
- Allows you and Arvest Bank to review exceptions and choose whether to release for payment
- A default action of “return” kicks in after a specified amount of time
- Available for a small monthly fee