Electronic Deposit of NSF Checks

AN INTRODUCTION TO REPRESENTED CHECKS

EFC’s represented check entry program is designed to provide commercial depositors, banks and financial institutions with a method by which to expedite and control the representment of checks that have been returned unpaid by the check issuers financial institution for Non Sufficient Funds (NSF), Uncollected funds, account closed, etc.

The entry will provide the originator the ability to create a substitute (an Electronic Check) for the forward presentment of a check that has been previously returned unpaid. The Originator is the entity which holds the physical return in its possession and may be the depositor, the depositor’s financial institution or the depositor’s collection agent.The special feature of the program is the software which manages the system from beginning to end. Once check data is entered into the system it transmits the data, maintains expected payments and results data, retrieves all results files and lets you view and/or print whatever reports you require. The results files are available on all batches, and payment or non-payment information on every check and the reasons for non-payment. You can resubmit eligible items by clicking on them and you can easily add a fee for collection to those items that have been paid. We even update the system automatically through the host computer as modifications are made to the software.

 

  • Date July 23, 2024
  • Tags Payment Solutions