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Committee weighs bank 'payee positive pay' and controls for department-held fiduciary accounts
Summary
Committee members discussed implementing payee-name verification with the county's bank to reduce check-washing fraud and debated how to extend controls to smaller departmental fiduciary accounts that may not be integrated into county financial systems.
County finance officials discussed expanding check-fraud controls, including payee positive-pay services through the county’s bank, and the difficulty of applying those controls to smaller departmental trust or fiduciary accounts that are not fully integrated with the county’s financial systems.
Mike, a consultant from 3 Plus 1, advised that payee-name verification can be effective but urged the county to monitor what percentage of the portfolio is in callable instruments and to be thoughtful about how…
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