Online Electronic Check Recovery FAQ's

How much does it cost to use Check Chase Online?

1. You may choose to pay a "per transaction" fee, where you pay a small amount for each transaction that is processed or; 

2. You can choose our profit share model, which allows you unlimited use of the system and its reporting features.  In this model, you will be billed $5.00 for each check or fee that is recovered successfully.  

How many electronic attempts are allowed on each check?

Checks may be deposited a total of three (3) times so;

1. If the check was only deposited once as a paper item, you get two (2) electronic attempts.  

2. If the check was deposited twice as a paper item,  you only get one (1) electronic attempt.

What checks are eligible for electronic processing through the Check Chase Online system?

1. Checks must be "consumer" checks, business checks are not allowed.

2. Checks must less than 6 months old.  (180 days)

3. Indicate on the face of the check that it was returned for Insufficient or Uncollected Funds.

4. Must have a pre-printed number.  Counter checks and Starter checks are not eligible.

5. You must have notice clearly posted at the point of sale stating your intentions to electronically redeposit any checks that are returned.  (Refer to our Start Up Kit)

Can I electronically collect NSF Fees in addition to the Face Value of the check?

• Yes you can, but you must have "written authorization" from the checkwriter to do so.  Written authorization can be gathered numerous ways, one of which is to have the checkwriter sign a blanket authorization that covers any checks written from that day forward.  This works well for industries or companies who have a contract in place, such as cable tv providers, rentals or rental agencies, dental offices, hospitals, grocery and convenience stores using  check cashing cards, etc.  Another method is to have the checkwriter initial authorization verbiage that is stamped on the back of the check at acceptance time.  

Is there an alternative available for those of us who still want to collect the state authorized NSF Fee but don't have "written authorization"?

• Yes there is.  Because you have notice posted at the point of sale stating your policy for the collection of NSF Fees, Check Assist may now create a paper draft on your behalf for the amount of the fees.  This paper draft is deposited as a normal paper check and will be presented against the checkwriters account.  Paper drafts are not as fast as electronic transactions so recovery will take longer, but all in all, it is a very good alternative for  those who don't want to acquire "written authorization."

How much is the average state fee?

• Nationally averaged, the fee is approximately $25.00, some states allow for more and a few states are less.  Your Check Assist representative will be able to assist you if you are in doubt as to the fee in your state.  Some states also allow for the recovery of bank fees.  (The fee that the bank charged you when they returned the unpaid check back to you.  This fee usually falls between $3.00 and $5.00.)

What kind of success rate can I expect when I use electronic check recovery?

• Your collection rate will depend on several factors, some of which include the type of industry your business is in, the dollar amount of each check, and the dates that you select for the electronic redeposit to take place on.   Typically speaking, small dollar checks will have a greater chance of clearing than larger checks.   Overall statistics show that an average collection rate of 65% to 75% of the NSF checks processed can be reasonably expected.

When do I get paid?

• Check Assist will credit any successfully recovered items into your account the next business day.  
  

Banks interested in an immediate, cost effective RCK solution to offer their depositors can call 1-888-436-5101 Ext 12 and request a demonstration.