Positive Pay and Account Reconciliation

Billions of dollars are lost each year due to check fraud. As technology continues to advance it has become much easier to create and redeem fraudulent checks. COMMUNITY ADVANTAGE understands the need for further protection against fraud, so we are offering tools to our customers such as Positive Pay and Account Reconciliation.

How Positive Pay Works

Positive Pay is a monitoring system used by the bank to verify what checks are clearing your accounts daily. Customers send their issued check files to the bank electronically as checks are issued. Checks issued files are then compared to the check number and dollar amount clearing; items that match are paid without further inspection. Exceptions are reviewed for encoding errors, and errors are corrected. Suspect items are reported to the customer via i-BusinessBanking™ for a “pay/no pay” decision which will require responses by a pre-established time.

Features and Benefits

• Transfer check issued files directly from your desktop via i-BusinessBanking
• View report of exception items online
• Protect your association's assets from check fraud
• Control over payment of exception items
• Reduce disbursement risk with timely return deadlines 

How Account Reconciliation Works 

COMMUNITY ADVANTAGE also offers reconciliation plans to simplify your internal bookkeeping and to meet your association's requirments that can be used in conjunction with our Positive Pay service. The Bank receives a file of issued checks from you to match checks to be cleared with those that are issued. Additionally, we will send you a file of paid and outstanding checks which will balance to your statement.

Features of Account Reconciliation

• Reduces potential losses due to fraud by identifying suspect checks
• Accomplishes daily reconcilement in an efficient manner
• Improves audit control
• Reduces the amount of staff time devoted to account reconciliation
• Improves financial statement preparation time and qualtiy

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.