Positive Pay is typically used for paper checks, although some banks offer electronic Positive Pay solutions for digital checks as well. It can be a manual or an automated process, depending on the capabilities of the bank. With manual Positive Pay, the account holder must provide the check in...
Modern anti-fraud methods bypass check transactions altogether, thus eliminating the need for positive pay cash-management systems. Many companies do this by paying employees bydirect deposit, a system whereby money is electronically deposited directly into an employee's bank account. Another method is...
retention. Severance pay communicates that the employer cares about their people and wants to ensure a successful transition, even if they can't keep that employee on the payroll. This investment in the workforce is an important way to create a positive workplace culture built on trust and ...
In a reverse positive pay system, the company maintains the list of issued checks and the bank sends a list of checks that have been submitted for payment. The company compares the information from the checks at the bank to the list maintained in the company. If a check is good, the com...
Set up auto-pay. Many banks and lenders offer this option. Your payments are automatically deducted from your bank account and sent to the lender on any date you choose. Pay any late bills and get current. Square up with all your lenders by getting current on any missed or...
in bank and credit card statements, rows of sales figures, and complex projections. That said, no matter how overwhelming the numbers may seem, it’s essential to keep track of your financial flow – after all, how can you plan for the future if you don't know where your money is ...
1. After receiving a cheque deposit, the "available balance" of account information should be checked to confirm if the cheque is cleared and deposited successfully; 2. Don’t trust anyone simply because of a bank deposit slip, a screenshot of deposit record or an increase in “account balan...
When it comes to the Bank of America Cash Rewards credit card, understanding the minimum payment requirements is essential for effectively managing your account. The minimum payment for this credit card is calculated as a percentage of your total balance, typically ranging from 1% to 3% of the ...
A loan payoff letter:This document will show — down to the penny — what you need to pay off the remainder of your mortgage, plus any owed interest or fees. If you have paid everything off, it will verify that as well. A deed of reconveyance:This is a lien release confirming that...
While it does allow you, as a client, to take control of your financial affairs, there is an obvious negative. That is, you'll need more time to devote to positive pay. First, you are required to take the time to make a list to provide to the bank. You must also be available to...