In today’s world, businesses are often targets of hackers. If you’re a business owner, you can add an additional layer of fraud protection to your business accounts by using Debit Filter.Watch this video to learn how Debit Filter can help protect your business on YouTube: https://www.youtube.com/watch?v=0nvY0cj2ZN0.
What is Debit Filter and Why Does Your Business Need It?
Debit Filter is a service that only allows preauthorized electronic ACH debits to come from your business account. Businesses only have two days (or 48 hours) to dispute certain unauthorized electronic transactions. This means that if an unauthorized transaction goes unnoticed for several days, when the business customer disputes the unauthorized debit from their account, there is no guarantee they will get their funds back. Using Debit Filter is a win-win for the business and the bank, as we are both invested in reducing fraudulent account activity.
How Does It Work?
Your company and your Hills Bank representative will need to review previous bank statements to put together a list of company names and ACH Company ID numbers you will authorize to debit your account using ACH. We will begin by entering the authorized companies into our banking system. Future additions or maintenance can be done by key employees within your business using an online tool through Hills Bank Online. All ACH debits presented on your account will be automatically compared to your list of approved vendors. An email will be sent to you or your key employees if an exception item has been found. An exception item is an ACH debit not listed on your approved vendor list. If an exception occurs, you or your key employees will have the capability to decision each item using the online tool through Hills Bank Online. Each item can either be paid or returned prior to the 11:00 deadline each morning. Items not decisioned by that time will automatically be returned to the sender with a return code of Debit Filter.
How do you get it?
If you are interested in learning more about debit filters or other fraud prevention tools available to business customers, leave a comment below and I’d be happy to answer any questions or you can contact your local Hills Bank Commercial Deposit Representative by calling us at 1-800-HILLSBK (1-800-445-5725).