returned check

Also found in: Financial, Acronyms.
See: bad check
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Michael Long, CEO, said, "The combined transactions processed in October and November have nearly doubled the volume processed in the whole third quarter of 2011 and returned check processing was 72% in the same period.
A recent survey of returned checks processed by the Federal Reserve indicates that institutions receive most checks that are returned unpaid by the day on which they must make funds available for withdrawal under the temporary availability schedule.
If the returned check is more than $250, a jail sentence could result.
As technology has advanced, SECU has taken the opportunity to expand the true overdraft program in order to further minimize traditional returned check charges and to serve members with alternative checking needs.
A returned check [could break a relationship with the provider of a regular service, like a day care or a landlord," Oldag said.
Postal Service, which charges $35 for a returned check, and is as high as the Wall Street bank's overdraft fees.
The retail merchant survey found that the average Merchant NSF charge for a returned check was $27.
Services offered include depository processing, accounts receivable truncation, controlled disbursement services, and returned check management and conversion services.
Check Plus Systems provides innovative check processing services with products such as EZ Deposit (a Check 21 based electronic remote depository service), electronic re-presentment, check guarantee, check verification, and returned check collection services.
By converting a check into an ACH debit, a customer will no longer see the returned check in the monthly statement.
By outsourcing the hassle of returned check collection, Re$ubmitIt helps business accountholders save time, money and effort, enabling them to focus on serving their customers.
With the addition of services provided by USFS, HIMC Corporation expects to offer a full range of transaction services from credit and debit card processing through the Internet, Automated Clearing House (ACH) electronic funds transfers, check conversion, recurring payments, returned check collection and bank drafting to check 21 applications.