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Online Positive Pay

Our Online Positive Pay service is an electronic tool that enables customers with California accounts to review, every day, potentially fraudulent checks. Online Positive Pay is offered in conjunction with our Full Account Reconcilement service, giving you a complete comparison of your checks-issued information and Bank of America's record of checks presented for payment.

BENEFITS OF ONLINE POSITIVE PAY

Bank of America also offers pay or return default processing. If you select a pay default setting, all items are paid unless you instruct the bank to return the items. Or, if you select a return default setting, all items are returned unless you instruct us to pay them.

Online Positive Pay also offers you:

HOW ONLINE POSITIVE PAY WORKS

Positive Pay Input Method Cutoff Time*
Transmission 5:00 p.m. Pacific time
Magnetic Tape 3:00 p.m. Pacific time
Cartridge 3:00 p.m. Pacific time
FIoppy Disk 12:00 p.m. Pacific time
Manual Registers customized

*Cutoff time: the time that the input method must be received by Account Reconcilement Operations at 1850 Gateway in Concord, California for same-day processing.

Note: If you use a media other than data transmission and that media is corrupt, processing may not take place on the same day. There's a risk that potentially fraudulent checks may not be flagged.

Online Positive Pay identifies the following types of exceptions:

Although some IDA exceptions are fraudulent checks, the vast majority of these exceptions are checks with incorrectly encoded dollar amounts in the MICR line. Because most IDA exceptions are caused by encoding errors, our staff examines all exceptions of this type individually. If the exception is due to an incorrectly encoded dollar amount, we make the necessary adjustment to your account. If the dollar amount has been fraudulently altered, we return the check unpaid to the bank of first deposit. If the item is not visibly altered and not misencoded, we contact you for disposition.

PART OF THE BAMTRAC SUITE OF PRODUCTS

You use BAMTRAC or BAMTRAC for Windows to access Online Positive Pay, along with many other services. BAMTRAC for Windows provides a single point of access to the entire BAMTRAC family of global information reporting and cash management products. In a matter of minutes, you can retrieve the account or transaction data you want, save and print it, or transfer it to other applications on your PC.

See also:


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<A HREF="http://www.sxlist.com/techref/ecommerce/pospay/bofapospay.htm"> Online Positive Pay - Bank of America's Acct. Reconcilement User Guide</A>

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