Positive Pay: New Cheque Rules to Prevent Fraud

Imagine you're writing a big check.

To make sure no one cheats you, banks use a system called Positive Pay.

Before the check is cashed, you tell your bank important details like the amount and who it's for.

The bank checks if those details match what the person cashing the check presents.

If it doesn't match, the bank flags it, protecting your money.

This system helps stop fraud and is required for checks over a certain amount, adding an extra layer of safety to your payments.

It’s like giving your bank a heads-up about your check.