Duration: 90 Minutes
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.
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!
Objectives of the Presentation
Why Should you Attend
- Understand the difference between a check return and a check adjustment
- Understand the time frame adjusted with a check return
- Identify the participants of the check network
- Know the documentation requirements for processing returns
- Understand payee endorsement
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!
Who will Benefit
- Return time frame
- Adjustment time frame
- Return reasons
- Payee endorsement
- Check Operations
- Return and Adjustment staff
- Customer/Member Support staff
- Treasury Management staff