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#193590 - 05/24/04 10:35 PM Imaging and Check 21
Anonymous
Unregistered

I am learning more and more about Check 21 and some confusion has risen to the surface along in the learning process. We just converted core systems and are now providing images of checks in statements. We are also using a CAR/LAR. We plan to clear items electronically due to the effeciencies that are apparant with Check 21. We will ever need to produce substitute checks? For example, I would think some transit returns to us will be in the form of substitute check returns.

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#193591 - 05/25/04 12:33 PM Re: Imaging and Check 21
Bill Saffici Offline
100 Club
Bill Saffici
Joined: Dec 2003
Posts: 155
Philadelphia
The creation of substitute checks is only when value is to be gained. Some examples. If your bank had some remote branches and you installed a branch image capture system, you might find it more cost effective to print substitue checks of the items captured in the branch instead of transporting them to your operations center. Another example is an image-enabled ATM. If you present an image to a paying bank and receive an image back as a deposited item return, you will most likely need to print a substitue check to provide to your customer when you provide the chargeback notice. Some organizations, like Fiserv, will provide substitute check print service to banks who want to gain efficiency in clearing checks outside of their "footprint". Likewise, return items can be printed closest ro the BOFD. If you have customers who still want checks returned in their statement but you accept images for presentment, you will have to print substitue checks to satisfy your customers need. I hope this helps.

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