Farmers State Bank is here to help you with all of your business needs, including one of your biggest headaches- returned checks.
How Does Re$ubmitIt Work?
- Returned checks are sent from Farmers State Bank to Re$ubmitIt, where eligible checks are converted into electronic items for re-presentment to the check writer's bank account for collection.
- The electronic check file is processed and strategically timed for re-presentation. Presenting checks at proven "smart dates" improves the chance of collection.
- If the item is not recovered on the first electronic re-presentment, it is re-cued for a second electronic re-presentment (third total). If this third presentment fails, the check can be sent to Re$ubmitIt's FREE secondary collections, or the check can be sent back to you.
- Upon settlement, 100% of the face value of the check is reimbursed to you automatically. The check writer's account is charged a state-regulated collection fee to cover the cost of collection.
To be Eligible for Electronic Recovery, a Returned Check Must:
- Be a personal check to a business (not business-to-business)
- Be under $2,500
- Be less than 180 days old from date of transaction
- Cannot have been already submitted twice, either electronically or by paper draft
What Happens to Ineligible Checks?
The Smart Choice
At FSB, we can help you simplify.
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