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#415974 - 08/30/05 04:58 PM Collection Process
Joined: Feb 2004
Posts: 67
We have 2 items we need to send off for collection. Sorry for my ignorance, but how exactly does this process work?? We have not had to send anything for collection since I started in this department 4 years ago. We have ordered collection forms. Any help, responses would be great!
Thanks in advance for your responses!!

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Operations Compliance
#415975 - 08/30/05 06:26 PM Re: Collection Process
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
I haven't worked with collection items in decades, but if I were you I would contact my "upstream" correspondent bank . They should be able to help you.
The opinions expressed are mine and do not necessarily reflect those of my employer.

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#415976 - 08/30/05 06:28 PM Re: Collection Process
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,858
Cape Cod
Drawing upon experience this is terribly rusty --
1. Make certain the item is indorsed by the payee(s) and another others to whom specially indorsed.
2. Indorse the item in the name of the bank. This is usually a rubber stamp with name, address of the bank. May have place for official's signature.
3. Make copy of check before sending - front and back.
4. Be sure to verify the mailing address for the drawee bank's incoming collections. If it's a larger bank, you might call to get precise address.
5. Send via certified mail (optional).
6. Make sure your collection form has correct address for mailing the remittance or dishonor, including any "ATTN" line you need. Or instructions for wiring funds.
7. Cross your fingers.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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