06 Oct 2016

Taking the “Scary” out of Payroll Check Distributions

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At BMS, we take fighting check fraud and protecting the funds of your estates very seriously. Any discrepancy – such as a “phantom signature” from a payroll company that doesn’t match that on your Rabobank signature cards, or checks that have been issued by a 3rd party but have not been entered into your case administration software – can flag our alarm bells.

Learn how to reduce non-payment of issued 3rd party checks as well as protect your accounts from fraud when processing payroll checks below!

What we’re doing to keep you protected:

  • 24/7 Fraud Monitoring
  • Automatic flagging of checks that are not listed in your records so as to catch fraudulent checks early

What you can do to help:

  • Open a separate DDA account for payroll activity. Provide the account number and the Rabobank ABA number to your payroll processor.
  • Request that the payroll company begin the number sequence of the first batch of checks at 1000 – with subsequent check runs following sequentially so as not to repeat previous check numbers.
  • Any check data obtained from the payroll company should be provided in either an Excel (.xlsx) or a comma-delimited (CSV) format with the following data:
    • Check number
    • Payee
    • Dollar amount
    • Check date
  • Send check data to the BMS Banking Center at least 24 hours before the checks are issued. This will help BMS put the necessary fraud protection protocols in place before your checks begin to get cashed.

To ensure that your third-party checks process properly, take the following steps:

  • Make sure that the signatures printed on the payroll checks are yours (and not that of another party) and match as closely as possible to the one provided on your Rabobank signature card.
  • Request that your third-party payroll companies use the Rabobank check template. This template can be obtained from your Account Manager or the BMS Banking Center. Printing checks in an alternate format may trigger a fraud alert resulting in non-payment.

Taking these steps will ensure that your accounts are protected when using a third-party to print checks, as well as result in a much more simplified reconciliation process each month on your accounts.

If you have any questions, please contact your Account Manager or the BMS Banking Center at banking@bmsadvantage.com.

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