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In addition to providing you with a method of fraud prevention on your account, the positive pay system can also double as a reconciliation tool. As a result of you providing the bank with a list of issued checks, the bank is able to generate month-end reports that can aid with the reconciliation process.
If we detect an exception, we wonât cash the check at a Chase banking center, and weâll refer the person presenting the check to the checkâs issuer. Reverse Positive Pay gives you the tools you need to monitor checks on your own. During enrollment, you specify a threshold amount for checks you want to monitor. Weâll then show you any checks presented for payment that are equal to or greater than that amount, and you can decide whether to pay them or not.