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Check Recovery1 is a free feature of your commercial deposit account. The service is provided by Money Transfer Systems, Inc. through its checXchangeTM product2. checXchange offers full collection of your paper check returns, including electronic re-presentment. All checks collected successfully through checXchange will be reimbursed to your company for 100% of the face value. If further collection efforts are desired, a secondary collection service is offered that will increase your overall collection rate.
- Collect items faster - 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
- Access images of original deposited items and returned items 24/7 through an online reporting system
- Request secondary collection efforts if primary collection is unsuccessful3
HOW IT WORKS
- You may enroll in the check recovery service upon opening your commercial deposit account
- Paper check returns are automatically converted into electronic transactions or RCK and routed through the ACH network for collection.
- Eligible returned items will be electronically re-presented up to 2 times. Checks returned for non-sufficient or uncollected funds, not exceeding $2,500, qualify for electronic collection.
- Items over $2,500 or business-to-business checks cannot be collected through the electronic process. They will, however,be converted into a one-time paper draft to be re-presented.
- The State Allowable Returned Check Collection Fee will be debited from the check writer's account.
- You may track returned items online 24/7.
- Transactions will be timed for re-presentment when the check writer is most likely to have funds (1st, 15th, etc.).
- Collected funds will be automatically deposited into your account on a weekly basis.
- Various standard reports are available online. The User Guide provides further information.