Check Representment

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Check Representment

A process in which a check is deposited as many times as is necessary in order for it to clear. That is, if a check does not have sufficient funds in the account to be deposited, the bank continues to deposit it until funds become available and the check finally clears. This allows the recipient of the check to (eventually) receive funds on a check that would otherwise bounce and saves the writer of the check from having to pay an NSF fee.
References in periodicals archive ?
The technologies include third-party processing of re-presented check recovery utilizing the ACH (Automated Clearing House) Network.
It's also why Lufkin's group of companies, including ePayments Corp's Professional Services division and Educational Financial Services division, are continuing to provide innovative, more efficient and less costly third party processing of re-presented check collection (RCK) utilizing the ACH Network with their I-Smart Check Processing Technologies.
Lufkin said his ePayments Group Of Companies, including its Professional Services division and Educational Financial Services division, are committed to providing more efficient and less costly third party processing of re-presented check collection (RCK) utilizing the ACH Network and ePayments' iSmart check processing technologies and HyperCustomer Service Center.
with returned check management services including Consolidated Returns, Re-presented Check Entry (RCK), and Double PostCard Service Fee Recovery.
Customers must be informed that their non-sufficient funds (NSF) check will be collected electronically through the re-presented check (RCK) process and that they will be charged an NSF service fee.
The Standard Entry Class for Re-presented Check Entry (RCK) adopted by NACHA-The Electronic Payments Association allows for the conversion of returned checks to electronic transactions.
Inform customers that their non-sufficient funds (NSF) check will be collected electronically through the re-presented check (RCK) process and the customer will be charged a NSF fee; 3.
The product also supports re-presented check entries (RCK) - an entry class that enables an organization to significantly improve the collection rate on paper checks returned for insufficient funds.
The demand for financial institutions to process Re-presented Check Entries (RCKs) will increase dramatically as National Automated Clearing House Association (NACHA) regulations allowing transactions to be converted from paper to electronic are implemented," said Terry Stepanik, general manager of US Dataworks.
Solutran's returned check services include: consolidated returns (RCC), re-presented check entry (RCK), service fee recovery, data capturing, and digital imaging.
In addition, new regulations, such as Check 21 and Re-Presented Check Entries (RCK), have encouraged financial institutions to continue their move away from manual, paper-intensive processes in favor of electronic payment processes.
The new suite of services includes Account Consolidation and Tracking ("ACT"), Centralized Returns, and BB&T's Re-Presented Check (RCK) product, Checktrack.