At Bank of Botetourt, we know how important it is for you to collect your hard-earned money in a timely manner. For this reason, Bank of Botetourt's electronic check recovery service, Re$ubmitIt®, significantly reduces the burden of collections while potentially doubling your recovery rate.
How Does Re$ubmitIt® Work?
The Re$ubmitIt® electronic check recovery service handles the collection process discreetly and electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer's bank account.
- Returned checks are sent from Bank of Botetourt to Re$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$ubmitIt's® traditional collections, or the check can be sent back to you.
- Upon settlement, 100% of the face value of the check is reimbursed to you automatically. The check writer's account is charged the state-regulated NSF fee to cover the cost of collection.
Re$ubmitIt® Benefits to the Merchant:
- Free service.
- Dramatically improves the collection of non-sufficient funds (NSF) checks.
- Significantly reduces collections costs.
- Reimburses 100% of the check's face value.
- Recovers money faster.
- Simple to use.
- Toll-free customer support and 24/7 Web access.
Re$ubmitIt FAQ (Frequently Asked Questions)