Safeguard your business finances
Verify pending check and electronic ACH transactions in digital banking.
Overview
At Redwood Credit Union, we know how important it is to protect your business from fraud. That’s why we offer Business Positive Pay—a powerful, easy-to-use service that helps prevent fraudulent check and ACH (automated clearing house) transactions from going through before they impact your bottom line.
HOW IT WORKS
You stay in control—RCU helps you stay protected.
Business Positive Pay automatically compares the checks and ACH transactions presented for payment against the list of payments you’ve authorized. If something doesn’t match, you’ll get an alert so you can decide whether to pay or return the transaction.
What’s included
Check Positive PayTraditional Verification
Upload a list of issued checks and RCU will verify each one before it’s paid. If a check doesn’t match your list, you’ll be notified to pay or return it.
ACH Positive PayRule-Based Security
Control which electronic payments are allowed to post to your account. Set rules for approved vendors, payment amounts, and more. You’ll be alerted if a transaction doesn’t meet your criteria.
Reverse Positive PayMerchant/Vendor-Driven Review
Gives control to account holders to pay or return transactions without an issued check file or ACH approval rules.
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For the best experience with Positive Pay, we recommend using a computer (desktop view) rather than a mobile device. Log in to digital banking, select Postive Pay, and select Presented Checks. Learn how.
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You can add, edit, or delete ACH companies for use within ACH decision rules and ACH approval rules. ACH companies can be created automatically when ACH transactions are presented in Positive Pay. Learn how.
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Typically, you will be notified mid-to-late afternoon by RCU. You can control how often you’d like to receive notifications (every 15 minutes, 30 minutes, or 1 hour).
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The cut-off time is 11AM the following day. After that, the system will use your default setting and either pay or return the items.
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A Role must be created before adding, editing, or deleting a user. Learn how.
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You can assign roles in the Manage Users tab. Learn how.
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Business Members can manually input an individual check or upload a .CSV file with a list of issued checks. Learn how.
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Log in to Positive Pay on your computer (desktop view) and you can edit, delete, stop, or void an issued check if it has not been presented for payment. Learn how.
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Ready to protect your business?
You can request enrollment through digital banking or contact our Business Services team for more information.
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Business Positive Pay helps detect actual or potential fraud by allowing the Company to designate and/or decision items to pay. Certain restrictions may apply. Service is not guaranteed to prevent or detect fraud.
Business must apply for and be granted access to Positive Pay services. Additional fees may apply.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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