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 x7944 or send us an e-mail at Laurie.Vingiano@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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