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Re$ubmitIt

RE$UBMITIT

Re$ubmitIt works in conjunction with Champlain National Bank.  NSF checks that were once returned to you for collection are now automatically forwarded directly to the Re$ubmitIt check processing center.  There, eligible checks are converted into electronic items and presented to the check writer’s account up to two additional times.  These increased collection opportunities are further enhanced by strategic timing and electronic prioritization, which significantly increase the chances the funds will be collected.  And when they are, you get 100% of the face value of the check.  Not a reduced amount or a portion of it.  At no cost to you.

GET THE MONEY YOU'RE OWED

Accepting checks from your customers is necessary, but it can be risky.  Many Americans write checks when they pay for goods and services; but, unfortunately, 1-3% of them will “bounce.”  What’s more, businesses using traditional collection methods recover only about 40% of funds from checks that have been returned due to non-sufficient funds (NSF).  That’s why the Re$ubmitIt electronic check recovery service is so valuable to you.  This FREE service utilizes proven RCK (electronic re-presentment) technology to help you collect more money from NSF checks, while you spend less time and resources on the collection process.  With Re$ubmitIt, bad check collection is no longer such a burden.  You get 100% of the face value of all checks collected.  There are no set-up fees and no equipment to buy.

USING RE$UBMITIT IS EFFORTLESS

Instead of returning NSF checks to you for collection, we will automatically send them to the Re$ubmitIt check processing center, where eligible checks are re-presented electronically and discreetly to the check writer’s bank account.  Historically, Re$ubmitIt collects 70-75% of these checks.  Once the funds are collected, you get the full face value of the check, which is automatically deposited into your bank account weekly. You spend more time serving your customers and less time making phone calls and sending letters.

HOW RE$UBMITIT WORKS

1. Your business accepts checks and deposits them at Champlain National Bank.

2. A customer’s check is returned to Champlain National Bank due to non-sufficient funds (NSF).

3. Champlain National Bank sends the returned check to the Re$ubmitIt processing center for recovery.

4. Re$ubmitIt converts an eligible check to an electronic transaction and re-submits it to the check writer’s bank account for payment.  Submissions are strategically timed to coincide with availability of funds in the check writer’s account, thereby increasing the chances for recovery.  If the check is returned unpaid again, Re$ubmitIt will submit the check electronically one more time.  The program can submit a check electronically twice, thereby increasing the opportunities for recovery even more.

5. The face value of all checks collected by Re$ubmitIt is remitted in full to your bank account on a weekly basis via automatic deposit.

6. Re$ubmitIt charges the check writer a state-regulated fee. The recovery costs you nothing!

WHO CAN USE RE$UBMITIT?

Any business that accepts checks can use Re$ubmitIt, regardless of the number of bad checks it receives.

WHAT IS ELECTRONIC CHECK RE-PRESENTMENT (RCK)?

RCK, or Re-presented Check Entry, is the process of converting a returned paper check into an electronic item and re-submitting it to the check writer’s bank account through the Automated Clearing House (ACH) network.  This proven methodology allows checks to be presented twice electronically after they have already been presented once in paper form, thereby increasing the collection opportunities for recovery.

WHY IS RE$UBMITIT SO SUCCESSFUL?

• Additional Submissions - The conversion of an NSF check to an electronic transaction allows two additional submissions to the check writer’s checking account, thereby increasing the opportunities for collection.

• Electronic Prioritization - Financial institution clearing procedures typically give priority to electronic transactions, which increases collectability.

• Timely Re-submissions - Re$ubmitIt strategically times the submission of electronic items in anticipation of consumer funds, which greatly improves chances of collection.

DOES RCK PROVIDE COST SAVINGS FOR A BUSINESS?

Yes.  You spend less time and resources on traditional collection methods, like phone calls and letters.

IS RCK LEGAL?

Yes.  The process is federally authorized and approved by NACHA - The Electronic Payments Association.

CAN RE$UBMITIT RECOVER ALL MY BAD CHECKS USING RCK?

No.  Some items are not eligible for RCK re-presentment.  For example: if the account is marked “closed” or “stopped payment,” if the amount of the check is equal to or over $2,500, if the check is from a business, or if it is more than 180 days old.

CAN RE$UBMITIT RE-PRESENT ITEMS THAT CANNOT BE PROCESSED USING RCK?

Yes.  Re$ubmitIt can process some items using alternative, and highly successful, collection methods.  For example, Re$ubmitIt can process business checks (if the amount of the check is less than $2,500) that are returned due to insufficient funds and present them for collection of funds.  Generally, items that are processed using alternative methods take longer to collect.  For checks that cannot be re-presented using RCK or an alternate method, for example, checks returned due to account closure, Re$ubmitIt provides an optional secondary collection service.

WHAT HAPPENS TO CHECKS THAT CANNOT BE COLLECTED?

In the event a returned check is not eligible for re-presentment via RCK or by an alternate method, or those efforts have been exhausted, Re$ubmitIt conducts secondary collection efforts through a third-party collection agency, at no additional charge.  These efforts may include contact by letter, phone and/or credit bureau reporting.  To enroll in secondary collections, you must fill out the Contact Information form, which Re$ubmitIt sends you once your first returned check has entered our system.

HOW DO I MONITOR MY CHECK RECOVERY ACTIVITY?

Two ways:

1. You can track the status of checks in the recovery process online, 24/7, by visiting the Re$ubmitIt Online Reporting Center below.

2. Re$ubmitIt can notify you by email when a check has entered our system and when you receive payment.

To receive a secure User Name and Password for online tracking and to receive email notifications, you must fill out the Contact Information form, which Re$ubmitIt sends you once your first returned check has entered our system.

HOW QUICKLY WILL I RECEIVE FUNDS FROM THE COLLECTION OF MY NSF CHECKS?

100% of the face value of any check collected is deposited automatically into your bank account on a weekly basis.

DO I NEED TO NOTIFY MY CUSTOMERS?

Yes.  You must notify customers of the Re$ubmitIt electronic check recovery policy by posting the following sticker at the point of sale, or by including notification on invoices, work orders, etc.  To request Re$ubmitIt stickers, please contact your local branch.

QUESTIONS

If you have any questions you can contact us by:
Visiting or calling your local branch
Emailing us at: info@champlainbank.com
Writing us at:
     Champlain National Bank
     3900 NYS Route 22
     Willsboro, NY 12996