Res 2010-078 - Laserfiche WebLink

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RFA 210 -006 Our Electronic Returns service provides a highly automated process for electronically re- presenting checks returned for non - sufficient funds. The way the system works is to convert the returned check to an electronic ACH debit. This not only increases the collection rate, it also allows you to collect the funds more quickly. Using the Electronic Returns process, customers can attempt to get an item paid 3 times, one more than with paper. The first presentment is always the original deposit of the item. The second presentment can be performed either by paper through the bank's regular reclear process, or can be attempted via Electronic Returns. The third presentment must be made via Electronic Returns. Our standard is 2 electronic re- presentments (in addition to the initial 1 st presentment via paper). This gives the customer the full benefit of the RCK process and the inherent increase in collection rates. The customer is credited for all successful collections in 4 business days (days between when we present the item and when we credit the customer). Whichever service you choose, the ability to automatically re- deposit returned checks will help to increase your collection rates and minimize the number of checks that have to be collected manually. 5. Is the NSF information, image, or occurrence available to the City online? When and how? The NSF information is available through the Commercial Electronic Office (CEO) Return Item module. Images are available online on same day they are charged back and then 90 days after; copies can be requested after that. 6. How are RCK transactions reconciled to the original transaction? Wells Fargo can provide the City with detailed reporting that will assist with the reconciliation process. Returned Item Detail Reports — CEO Portal The Returned Item Detail Reports are available through the CEO portal. Customers automatically receive all the information in the MICR line of each return check, location number, the deposit date and disposition of each item. Customers can request up to 15 fields of additional information about their returns such as Maker Name, the phone number, issue date, ID number, etc. There are two reports available on CEO: Intraday Returned Item Detail Report The report is available twice daily, with an early morning report available at 5 a.m. CT and an updated report reflecting the entire day's work on the items at 6 p.m. CT. This report provides details of returned items before the customer's account is charged for the returns. Previous Day Returned Item Detail Report The Previous Day Returned Item Detail report is available each business day by 5 a.m. CT and provides detail for items charged to the customer's account