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CollectCheck
…The FREE NSF electronic payment processing system.
Collectcheck
is a NO CHARGE collection system for recovering non-sufficient funds
(NSF) checks quickly and efficiently with our electronic fund transfer
re-deposit system.
Benefits
- It's
a FREE service. We charge the writer of the NSF check a
processing fee and the amount is governed by the state where the
check writer resides.
- Our
system eliminates a re-presentment check fee charged to your bank
account.
- You
receive 100% of the face amount of the NSF check.
- Faster
access to your funds with our electronic re-presentment system.
- Recovery
rate is over 70% of the checks re-presented.
- Funds
from check recovery are remitted to you weekly
Signing
up: It's as EASY as 1,2,3!
- Complete
an electronic check recovery agreement, bank release form and
attach your voided business check (for the account where you want
your collected funds deposited).
- Post
a check policy statement at point of sale, on credit application,
contract agreement, or the face of an invoice as well as website.
This is a simple statement notifying the customer that a dishonored
check will be collected with an electronic debit to their account
for the amount of the check plus a processing fee of $25.00 (or
legal limit) plus any applicable sales tax.
- For
immediate enrollment, FAX signed agreements and voided business
check to 708-543-4843. Then mail the signed agreements, voided
business check and business card to:
Levy,
Diamond, Bello & Associates
P.O. Box 889
North Attleboro, MA 02761-0889
Now
you are ready to protect your investment!!
To
get started: Call our Sales Department at 203-876-1000 x7942
or send us an e-mail at richard.graziano@ldbassociates.com.
Frequently Asked Questions
How
can I get started?
Sign an electronic check recovery agreement, a bank release form
and a voided business check. The voided check is necessary so recovered
funds can be deposited directly into your account.
How
much does the program cost?
Nothing. The system is free to our clients.
How
do you get paid?
We receive a processing fee of $25.00, or whatever amount the check
writer's State will allow by law. Also, we debit the check writer's
bank account directly with a separate electronic transaction entry.
Does
my procedure for depositing checks change?
No. Deposit checks under normal methods. When your account receives
an NSF, your bank will send it directly to our processing center.
Upon our receipt, we notify you and prepare the check(s) for electronic
collection.
Are
there any restrictions to the type of checks one can use in this
program?
Yes. The amount of the check must be less than $2,500.00 and dated
less than 180 days from the date of first presentation to the RDFI.
Also, closed accounts, forged signatures and stolen checks cannot
be collected electronically.
How
many times can a NSF check be presented for payment?
The NSF check can be re-presented two (2) times electronically.
Why
not allow my bank to redeposit the NSF checks?
Banks can charge as much as $5.00 to redeposit NSF checks. There
is no charge to re-present an NSF check electronically. Also, we
are likely to be more successful electronically. If necessary, we
will first verify the NSF writer's balance before presenting the
check for payment.
How
are we notified that one of our customers issued a NSF check?
Each NSF check that we receive and prepare for process creates a
client notification form that is mailed to the client. Monthly,
a report is issued which summarizing activity of all NSF checks
received.
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