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Check Recovery Service
Our Check Recovery Service* is a free feature of your commercial checking account. The service is provided by Money Transfer Systems, Inc. through its checXchangeTM product. checXchangeTM offers full collection of your paper check returns, including electronic re-presentment. All checks collected successfully through checXchangeTM will be reimbursed to your company for 100% of the face value.
Benefits
- Benefits
- Faster collection of items. Re-presented check entries (RCK) via ACH clear three to four days sooner than paper items.
- Recover 100% of the face value of returned checks
- Some merchants’ recovery rates increase by as much as 60%, resulting in an overall recovery rate of up to 85%.
- Images of original deposited items and returned items are available 24/7 through an online reporting system.
How It Works
- You are enrolled in the check recovery service upon opening your commercial checking account. You may choose to opt out at account opening.
- Paper check returns are automatically converted into electronic transactions or a “Re-presented Check Entry” (RCK) and routed through the ACH network for collection.
- Returned items will be electronically re-presented up to 2 times if eligible. (Checks returned for non-sufficient or uncollected funds, not exceeding $2,500, qualify for electronic collection.)
- Items not collected during the electronic collection phase, or not eligible, will be moved into a manual collection process and then into the legal process, if necessary.
- You may track returned items online 24/7, and complete reporting of all returned check items is available.
- Transactions will be timed for re-presentment when the payor is most likely to have funds (1st, 15th, etc.).
- Collected funds will be automatically deposited into your account on a weekly basis.
Where traditions and technology take banking into the future.
QUALITY, COURTESY, CONVENIENCE
info@bankofcoweta.com
(770) 254-7931
* Eligible commercial checking accounts are Preferred Business Checking, Free Small Business Checking, Commercial Premium Money Market Account, Commercial Money Market Account, Advantage Commercial Money Market Account, Advantage Commercial Money Market Account, Business Interest Checking, Advantage Business Interest, IOTA, IOLTA, Small Business Checking and Commercial Analysis Checking.
