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Check Collection and Recovery:
Electronic RCK (NSF) Collection/Recovery is the re-presentment of bounced checks (NSF) by converting a paper check into an electronic funds transfer (EFT) that is processed through the Federal Reserve via the Automated Clearing House (ACH). Typically, banks charge businesses like yours anywhere from $2-$15 per NSF check and then automatically re-present the check a second time to see if it will clear. Some banks will even charge companies each time a specific check bounces. This can be quite expensive for companies. With our NSF solution, after a check is returned NSF, it is converted to an electronic debit and submitted through the Federal Reserves Automated Clearing House (ACH network). Electronic RCK enables companies to avoid embarrassing situations with their customers and re-present the check two more times if needed. Banks can only redeposit the returned check once so you loose out on the opportunity to collect. When the check clears you receive 100% face value! Additionally, you can also charge your customers a service fee for bouncing a check and automatically collect this fee as an electronic funds transfer (EFT). This service fee for many companies can off-set the cost of electronically processing all their NSF checks and actually become a profit center for your business. Each state regulates the maximum amount that can be charged for a NSF check.Click here for a list of fees allowed by state.The benefits of electronic RCK make it an ideal check recovery solution for almost all companies. Retailers are saving processing costs of $.25 to $.50 for every check converted and are experiencing up to 50 percent higher collection rates while eliminating embarrassing phone calls or letters to customers
    Check recovery and collection process:
  • Bounced checks are returned from your bank to you
  • Customer and MICR information is entered/scanned through a reader and the image stored for seven years
  • Information is transmitted using our service.
  • Transactions are sent through the ACH network for posting
  • Recovered NSF transactions are credited to the account of your choice (no additional depository or compensating balance required for most clients)
  • You decide if you want to charge your customer an NSF fee, and that fee may also be electronically processed
    Benefits of Check Recovery:
  • Financial institutions post ACH entries before check transactions increasing the probability of collecting the re-presented item
  • Quicker access to receivables
  • Eliminate NSF and deposit fees from local bank
  • Eliminate the sorting and depositing of paper checks
  • NSF fee need not be collected from the customer
  • If no fee is collected, customer pre-authorization is not required
  • If a fee is charged to your customer, you keep 100% of the fee collected
view collection fees by state...
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