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Re$ubmitIt® Electronic Check Recovery
Sadly, accepting checks for payment can be risky. Statistics indicate that businesses using traditional collection methods recover only about 40% of funds from checks that have been returned due to
non-sufficient funds (NSF). However Grayson National Bank can help eliminate those losses with Re$ubmitIt® electronic check recovery. With Re$ubmitIt®, you get 100% of the face value of all the checks collected.
Re$ubmitIt® is a national electronic check recovery service that is offered at no cost to our business customers to help them collect more money from NSF checks and spend less time and resources on the collection process.
Here's how it works: NSF checks that were once returned to you for collection are automatically forwarded directly to the Re$ubmitIt® check processing center. There, the check is converted
into an electronic item and presented to the check writer's account up to two additional times, using strategic timing when funds are most likely to be available and increasing the opportunities for recovery. Re$ubmitIt® automatically deposits the amount of the checks collected into your bank account weekly.
You inform customers of the Re$ubmitIt® electronic check recovery policy by posting notification at the point of sale, or by including notification on invoices, work orders, etc. The check writer's account is debited twice: once for the full amount of the check and once for a state-regulated fee. You can review and check the status of the recovery process online, 24/7, at the Re$ubmitIt® website.
To learn more or enroll in Re$ubmitIt®, visit your local Grayson National Bank branch or call us at 276/773-2811 to speak to a business-banking specialist.
Already enrolled? Log in to Re$ubmitIt®.