Farmers & Merchants Bank is here to help you with all of your business needs, including one of your biggest headaches—returned checks.
Farmers & Merchants Bank's electronic check recovery service, Re$ubmitIt® significantly reduces the burden of collecting funds from NSF checks, while potentially doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically!
How Does Re$ubmitIt® Work?
The Re$ubmitIt® electronic check recovery service handles the collection process discreetly and electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer's bank account.
- Returned checks are sent from Farmers & Merchants Bank to Re$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 (third total). If this third presentment fails, the check will be sent to Re$ubmitIt's FREE secondary 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 a state-regulated collection fee to cover the cost of collection.
- 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
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