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Centralized Returns
What are Centralized Returns?
Often referred to as consolidated returns; allows you to consolidate returned checks from multiple locations into one bank, even if multiple depository banks are being used. This reduces bank fees on NSF checks by eliminating automatic redeposits to the depository bank. Centralized Returns also lets you know quickly when a check has been returned — a critical factor in helping collect NSF checks.
Offering a Comprehensive Approach to Centralized Returns
With Affirmative’s Centralized Return bank partner, you can consolidate all your merchant’s returned checks into one bank account to reduce costs, increase efficiencies, and maintain your depository relationships. The bank can transmit a check return file, X9.37 format that includes the check detail and front and back image that is uploaded directly into your NSF application- expediting the collections cycle and automating the entire collection process.
How it works:
- Your merchant would endorse the back of their check writers check with instructions to the bank of first deposit to forward any returned items to the centralized return bank to include the ABA/ RT number of the centralized bank.
- Return items are forwarded to centralized bank and return check file is transmitted to third party processors NSF application.
- Any physical checks are delivered to the processor the next day for storage.
Benefits Realized:
- Reduce Merchant NSF Fees
- Improve Collection Recovery- Return Check File received same day
- Merchants can track the status of their return check items
- Share in rebates and other service fee incentives with your merchant
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