Events Calendar

Check Returns & Adjustments

8/28/2018 2:00 PM - 8/28/2018 3:30 PM Central Time (CST) |

Join us for a webinar August 28, 2018 at 2 p.m. CST.  Register Here.

Check Returns & Adjustments: There are distinct advantages - and potential for member impact - to each method used to send a check back to the Bank of First Deposit, i.e., a return versus an adjustment. This session discusses the Paying Bank's legal right to return a check within very strict deadlines compared to a more forgiving time frame for check adjustment. We step through the most common check return reasons and any associated notice of nonpayment the Paying Bank should send with or before the return. We also discuss reasons why the adjustment process may be the smarter course of action or, perhaps, the only course of action if the Paying Bank loses its right of return. We discuss the most common check adjustment types, their uses and associated time frames, where the warranties are found to make one's case for the adjustment claim, and the statute of limitations for the claim.