Also, if a check must be returned by 2:00 pm on the 2nd business day following the banking day on which the check was presented to the paying bank, what good is the notice of nonpayment for checks in the amount of $5,000 having the same deadline. Doesn't this mean we would get both in the same day?
I am not strong in this area so I think I must be missing something.
One more question. If a hold is placed on an account due to receiving the nonpayment notice but the charge back is done the same day, is it necessary to complete a Hold Notice to send to the customer?
Thanks in advance.
Always learning something new...