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He also said it is important to remember that “Stop Payment” orders are only good for six months. Once the “Stop Payment” has been issued, it should be renewed at least three times.
Finally, Abagnale is a huge proponent of “Positive Pay.” This system coordinates each check with the the bank and prevents payments of any un-matching claims. A list of all payments is sent to the subscribing business every day so that accounting may be verified. Abagnale recommended companies of any size to be on Positive Pay at their bank. Using Positive Pay the lost check can be removed from the issue file. If someone attempts to cash the lost check there is no match. The bank will mark this as a suspicious item and call the account holder.
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Laurence Liss
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