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 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.
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 documentations requirements for processing returns
- Understand payee endorsements
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 Endorsements
- Check Operations
- Return and Adjustment staff
- Customer/Member Support staff
- Treasury Management staff