Bank of Baroda is going to make major changes in check payment rules from June 1. The bank is implementing ‘Positive Pay Confirmation’ from the first date of next month. However, giving convenience to the customers, the bank has said that the rule of ‘positive pay confirmation’ will be applicable only on payments above 50 thousand.
According to the information given on the bank’s website, now the issuer of the check will have to give the information of the beneficiaries in advance. The bank believes that this will take less time. On the other hand, check fraud can also be avoided.
What is positive pay confirmation
Positive Pay Confirmation is an electronic process by which information is collected for more amounted checks. In this process, the check issuer has to give the check number, check date, beneficiary, money as well as other information to the bank. This will reduce the check fraud while on the other hand, checks will be cleared from time to time.
What are the rules
• More than 50 thousand payments will have to be given.
• This process can be completed easily through the mediums like Baroda Net Banking, Branch, SMS.
• Once given the information can neither be modified nor deleted. However, the issuer can stop the payment process anytime before the check is cleared.
