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| How Much Does this service Cost? The cost of recovery is paid by the check writer, from a state authorized collection fee that is also electronically collected. It costs you nothing! The customer will be made aware of your collection process and specifically authorize electronic collection before paying you with a paper check. How can this be done? NACHA approved new banking procedures that allow merchants to represent NSF checks electronically on March 10, 1998. The rule became effective on September 18, 1998. What legal regulations and guidelines apply to this service? Our re-presented check entries, as all of our operations, are subject to the applicable NACHA Operating Rules, Uniform Commercial Codes (UCC) and Regulation CC. However, NSF Collect transactions are originated by check and are therefore exempt from the provisions of the Electronic Funds Transfer Act and Regulation E. Is there a dollar limit on checks that can be recovered? Yes. Checks with a face value of $2,500 or less may be processed. Is there a time limit on checks that can be re-presented? Yes. Each entry has a time limit of 180 days from the date of the check. How many times can the merchant re-present an item? A total of three (3) presentments are allowed. The check entry can be sent twice if there was only one previous physical presentment, but only one time if there were two physical presentments. What items are NOT eligible for re-presentment? Drafts drawn on the Treasury of the U. S., a Federal Reserve Bank or a Federal Home Loan Bank or state or local governments. Postal Service Money Orders. Items not payable in U.S. currency. Items indicating on its face that it was returned for reasons other than "Not Sufficient Funds," "NSF," "Uncollected Funds" or comparable language. Checks over $2,500. Third-Party items. Unsigned demand drafts |
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Why NSF Collect
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Bad Check Statistics Information about the number of bad checks |
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The
Process Step by step explanation of how NSF Collect works |
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F.A.Q
Answers to the most frequently asked questions |
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Fraud
Protection Tips Ways to help reduce the number of bad checks you receive |
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Getting
Started Forms... |
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NSF
Fees By State |
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Bussiness
Opportunity Details... |
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