22 HќќѠіђџȱ юћјђџ ѢљѦȱ2014 ȱȱȱĴȱȱěȱ than merely requesting it from the ǰȱȱȱȱ ȱȱěǯȱ ȱ it not be ideal if the bank would ȱ ȱȱĴȱȱ before clearing any escrow account checks? Positive Pay provides the opportunity to communicate electronically with the bank to pre-approve any check that will be presented for payment. With Positive Pay, as checks are Ĵȱȱȱ ȱȱȱ ȱĴȱȱ ǰȱ ȱęȱȱȱȱȱ¢ȱ ȱȱȱ Ĵȱȱȱ it electronically at the bank. The bank then compares every check that comes in the door against the pre-approved list. If the check is not on the list, the bank contacts the Ĵȱȱȱǯȱ ȱ check gets paid, unless the bank has approval. In the old days, it would require a phone call on every check. With the technology available today, Continued from page 21. THE ROOTS RUN DEEP AND THE GROWTH IS STRONG. 2.7 Billion of investment and lending Over 525 developments Over 1.3 Million in commercial space Serving over 75,000 people No Foreclosures No Recaptures Delivered on the stated rates of return 100% on time reporting 20 years of stellar execution GREAT LAKES Capital Fund is a full service financial organization supporting healthy, vibrant, and sustainable communities. www.capfund.net 877.FOR.GLCF 27Billi f i t t d l di ȱĴȱȱȱȱ this communication by pressing a ȱȱĴǯȱ ¢ǰȱȱ Positive Pay connections to the bank are outside of other online banking functions. ȱȱ ¢ȱ ¢ȱȱ ȱ ȱ ȱ ȱĴȱȱ immortal words, “Follow the money,” no one could have anticipated the global threats that face escrow accounts today. Computers occupied entire buildings, not the palm of the hand. Today, no one can fully anticipate the global threats that are going to exist 10 years from now. The old threats still exist, and everyone must continue to be diligent in choosing and training employees. But new threats are emerging every day, as any criminal in the world, armed with only an Internet connection, can ruin a business. Continue to be diligent on all fronts to protect client money. Anyone can get “hacked.” Whether checking for wrongdoing or a simple mistake, the policies and procedures required for compliance with ALTA Best Practice No. 2 are not only designed to protect client money, they are designed to ȱȱĴȱǯ Some might assert that many of these policies may alter the manner ȱ ȱĴȱȱȱ business and may make the daily routine more inconvenient or may increase the time spent on the trust account. All are true. But whatever inconvenience the Ĵȱȱ¢ȱ¡ȱ will be exponential to the “would ȄȱȱȱȱĜȱȱȱȱ computer network. By following ȱǰȱȱĴȱȱ is protecting client-entrusted funds from disappearing and is protecting ȱęȱǯȱȱ For more information about the ALTA Best Practices and how to comply, please visit www.alta.org/ bestpractices, or contact Karen Brittain of Investors Title Insurance Company at 419-577-5900, email: kbrittain@invtitle.com.
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