Learn about Check Adjustments and Returns
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.
This webinar discusses the difference between a check return and a check adjustment. 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 is 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!
We also 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. Finally, we 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!
Please join ePay Resources, for this informative session as we dive into the world of check returns and adjustments. Understand the key difference between check adjustments and returns as well as the time frames associated with each.
Just a sampling of what this webinar will cover:
- Identify key roles of check network participants
- Regulations and rules applicable to check processing
- Time frames associated with check returns vs adjustments
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