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Positive Pay

Additional Protection for Your Newton Federal Business Checking Account

It's Not "IF', It's "WHEN"

Newton Federal’s Positive Pay Gives You a Much-Needed Layer of Protection for Your Business Checking Account.

Every day, your customer support team at Newton Federal fights fraudulent activity. Please consider signing up for Positive Pay to add an additional layer of protection for your business accounts. You should be spending time managing your business, not a dealing with fraudulent attacks. So, enroll your Newton Federal Business Checking Account in our Positive Pay program.

Studies show that you will be a victim of a cyber-attack, a hacked account, or a check/ACH scam.

According to the 2021 AFP Payments Fraud and Control Survey, checks and ACH debits were the payment methods most impacted, and the following details:

  • 74% of organizations were targets of payment scams
  • 66% check fraud
  • 37% ACH fraud
  • 68% by Business Email Compromise (BEC)
  • 58% target the organization’s Accounts Payable (AP) department

SIGN UP FOR POSITIVE PAY

Positive Pay gives you assurances that you are well-protected and allows you the time and focus to grow your business during the week and to rest easily on the weekend.

HOW IT WORKS – CHECKS

  • Client submits check issued report through business online banking
  • Positive Pay verifies criteria when the check is presented for payment
  • If criteria is met, the check is paid
  • An exception is created if Positive Pay finds mismatched data
  • An exceptions report is sent to client for pay/no-pay decision

If the client does not submit a list of checks, then all items will kick out for verification. The client will receive a message through online banking. If the client does not make a decision on the item within online banking, the item is PAID. The client must decide on the item in question by 11am (notification will be issued at 7am).

HOW IT WORKS – ACH

  • Client establishes pre-authorized ACH transaction for pay/no-pay decision
  • ACH Positive Pay verifies criteria when ACH debit is presented for payment
  • If criteria is met, the debit is paid
  • An exception is created if Positive Pay finds mismatched data
  • Client reviews exception ACH Transactions for pay/no-pay decision

The client will receive a message through eSafe Email. If the client does not make a decision on the item within online banking, the item is either returned or paid based on the criteria set up by the client. The client has until 6pm to decide on the ACH items (notifications are made immediately upon receipt of the ACH).

BENEFITS OF ENROLLING

  • Added layer of security protection against fraudulent and unauthorized transactions from your business checking account
  • Protects you from responsibility of any fraudulent or unauthorized transactions
  • Makes meeting the “Midnight Deadline” for reporting much easier

COST OF POSITIVE PAY

  • $30 per month, billed on your monthly statement
  • Essentially, $1 per day

PROTECT YOURSELF IN A MATTER OF MINUTES

Enroll in Newton Federal’s Positive Pay –  Contact Your Banker

Call: (770) 786-7088
Email: service@newtonfederal.com

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Newton Federal Bank is a division of Affinity Bank. Newton Federal Bank and Affinity Bank are the same entity for the purpose of calculating FDIC insurance limits and deposits.  Newton Federal is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. Please contact us with any concerns or comments. © 2021-2022 All Rights Reserved.