Check Collection
Hickory Point Bank & Trust, fsb is here to help you with all of your business needs, including returned checks.
Hickory Point Bank’s electronic check recovery service, Re$ubmitIt® significantly reduces the burden of collections, while potentially doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically.
How Does Re$ubmitIt Work?
The Re$ubmitIt electronic check recovery service handles the collection process discreetly and electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer’s bank account.
- Recovers 100% of the face value of all checks collected electronically
- Increases collection rates
- Recovers items more quickly
- Reduces cost of manual processing
- Provides collection status 24/7 via the Internet
- Allows you to focus on serving customers, not collections
- Returned checks are sent from Hickory Point Bank to Re$ubmitIt, where they are converted into electronic items.
- The electronic check file is processed and strategically timed for re-presentation to the check writer’s bank account for collection. Presenting checks at proven “time slots” improves the chance of collection.
- If the item is not recovered on the first electronic
re-presentment, it is re-cued for a second electronic
re-presentment. If this third presentment fails, the check will be sent to Re$ubmitIt’s traditional collections, or the check can be sent back to you.
- Upon settlement, 100% of the face value of the check is reimbursed to you automatically. The check writer’s account is charged the state-regulated NSF fee to cover the cost of collection.
If you have questions about Hickory Point Bank’s Re$ubmitIt electronic check recovery service, call the Bookkeeping Department at
217.875.3131.
