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#172914 - 03/24/04 03:46 PM IRD Warranty/Indemnity and Commercial Accounts
Coffee Roaster Offline
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Joined: Dec 2002
Posts: 141
Southeast Michigan
If we return IRDs in our commercial account statements (that we receive from our paper cash letter) are we subject to the warranty and indemnity portion of the Check21 Act? I realize we would be on consumer accounts but I am not clear on the commercial account side.

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#172915 - 03/24/04 10:12 PM Re: IRD Warranty/Indemnity and Commercial Accounts
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
If by IRDs you mean substitute checks as defined in the law, the warranty provisions don't vary with regard to the type of account. Consumers get expedited recrediting procedures that businesses aren't entitled to, and a whole lot more paper (read: disclosures). But businesses receive the same warranty protections.
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