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#2261228 - 10/19/21 03:13 PM Positive Pay
mnbanker09 Offline
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Joined: Jan 2018
Posts: 121
What exposure or liability would a bank have if a positive pay product is offered, but does not offer payee match?

If a customer is enrolled in Positive Pay, and we pay a check where the date, dollar amount, and check serial number match the company's file, but the payee doesn' we have liability? If a counterfeit item, is the bank liable to pay?

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#2261231 - 10/19/21 03:34 PM Re: Positive Pay mnbanker09
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,793
Cape Cod
These are questions best put to an attorney, since they will require a review of your bank's Positive Pay agreement(s) and your processes.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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