Check Collection and Recovery
What is check collection or check recovery?
Check collection which can be called Check Recovery is a service that collects on unpaid services. When your bank receives the returned check, our collectors make telephone calls and/or send letters to collect from the consumer. We are contracted with all 50 states, and our sales team is educated and well trained in helping you obtain the knowledge needed.
How effective is Check Recovery?
Check Recovery collects NSF check funds 80% of the time. Check Recovery has a success rate based on the fact that they monitor the customer's accounts for available funds on days when customer's are most likely to have funds in their accounts (13 times a month!).
When it sees the available funds, it submits the electronic transaction along with the NSF fee. Your payment is always the priority amount, over the NSF fee. If there are only funds enough to cover your check, the system will debit that amount first and try for their NSF fee later. Also, since the check has been transformed into an electronic item, it takes precedence over paper checks. The system even provides you a status report, so you can track the collection of the NSF checks. If the check remains uncollected after 30 days, you have the option of using an alternative collection service.
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