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Disbursement Services

Cheque Fraud Protection Service

Our Cheque Fraud Protection Service (CFP) is an effective fraud protection tool, which provides you with a web-based facility for managing cheques clearing through your Canadian and U.S. Dollar domestic business accounts.

What Cheque Fraud Protection Service Offers You

Our three fraud protection options help to guard your business against cheque fraud.

  • Positive Pay with Payee Match allows you to transmit an electronic file to us that contains records of all cheques that you have issued since the previous business day. We will automatically pay all cheques presented to us that match the records in your file transmission (we verify serial number, amount and payee name). On a daily basis, we will advise you by email if there are exception items that require your pay or no pay decision. You make your pay or no pay decisions through our online exception management service.
  • Positive Pay works the same way as the Positive Pay with Payee Match option, although cheques that are presented to us for payment are verified by us against serial number and amount only and not against payee name.
  • Negative Pay transmits an electronic file to you containing a record of all cheques presented to us for payment for the previous business day. You compare the serial number and dollar amount of cheques issued by you against the presented cheques and advise us online of any no pay decision by a specified deadline.

The Benefits of Cheque Fraud Protection Service

  • Maintains and monitors cheque activity for multiple accounts in a secure online environment
  • Increases peace of mind with multiple levels of user security
  • Expedites your company’s investigation processes by providing 180 days of online paid cheque history
  • Access images of paid cheques for 90 days from the date the cheque is cleared
  • Maintains long-term archival of cheque images on DVD-ROM
  • Create and download a wide variety of Microsoft® Excel® reports

For more information, contact a Relationship Manager at the Commercial Banking Centre nearest you.

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