The Honesdale National Bank can help you with all of your business needs, including one of your biggest headaches—returned checks.
Re$ubmitIt®, HNB's Electronic Check Recovery Service, significantly reduces the burden of collecting funds from NSF checks, while potentially doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically!
How Does Re$ubmitIt® Work?
The Re$ubmitIt® electronic check recovery service handles the
collection process electronically from beginning to
end, via the Automated Clearing House (ACH) network for
re-presentment directly to the check writer’s bank account.
1. Returned checks are sent from Honesdale National to
Re$ubmitIt®, where eligible checks are converted into electronic items for re-presentment to the check writer’s bank account for collection.
2. The electronic check file is processed and strategically timed for re-presentation. Presenting checks at proven
“smart dates” improves the chance of collection.
3. If the item is not recovered on the first electronic
re-presentment, it is re-cued for a second electronic
re-presentment (third total). If this third presentment fails, the check can be sent to Re$ubmitIt’s FREE secondary collections, or the check can be sent back to you.
4. Upon settlement, 100% of the face value of the check
is reimbursed to you automatically. The check writer’s
account is charged a state-regulated collection fee to cover
the cost of collection.
If you have questions about the Re$ubmitIt® electronic check recovery service, please email them at support@resubmitit.com or call them at 866-860-5906.
To be Eligible for Electronic Recovery, a Returned Check:
• Must be a personal check to a business (not business-to-business)
• Must be under $2,500
• Must be less than 180 days old from date of transaction
• Cannot have been already submitted twice, either electronically or by paper draft
What Happens to Ineligible Checks?
Returned items that are less than $2,500 and ineligible for electronic re-presentment are re-submitted to the check writer’s account as a paper draft, subject to eligibility requirements. Items greater than $2,500, are returned to the business.
