There are distinct advantages - and potential for customer impact - to each method used to send a check back to the Bank of First Deposit, i.e., a return versus an adjustment. This session discusses the Paying Bank's legal right to return a check within very strict deadlines compared to a more forgiving time frame for check adjustment.
PART ONE = Check Returns
With a focus on returns, we step through the most common check return reasons and any associated documentation the Paying Bank should obtain prior to return. Check law addressing return timing and liability will be examined as well.
If you want to learn the appropriate use of the most common check return reasons and how to find the most expeditious path back to the BOFD by using data in the image cash letter file, this session is for you!
PART TWO = Check Adjustments
With a focus on check adjustments, we will discuss reasons why the adjustment process may be the smartest course of action; the most common check adjustments used; definitions of adjustment types and their associated time frames; and where the warranties may be found to make one's case for the adjustment claim and the statute of limitations for the claim.
We will also share the process of making a demand letter in instances where an adjustment claim is not available. If you want to learn why an adjustment is sometimes the better option to minimize customer impact, this session is for you!
*Proper use of Return Codes white paper
*Payee Indorsements Issue white paper
*Resolving Duplicates as Adjustments vs. Return white paper
This On Demand course may be selected as an elective for the ePayResources ACH Certification Program.
NOTE: On Demand courses remain available for 90 calendar days after registration is processed. This period includes nights and weekends. Unlimited viewing is allowed within the 90-day period. Once the 90-day interval expires, the course may not be accessed again. Additional registration may be processed for an additional fee.
AAP Credits: Up to 3.3