Thread Starter: Ginlyn, CRCM
Title: Re: TeleChek Verifying Funds
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The Wal-Mart in our community has started doing Remote Capture Deposits. After the deposits are made, the deposit "batches" are sent to TeleChek who turns around and calls banks for verification of funds on the checks (which they do not physically have). This is tying up our bookkeeping department as TeleChek usually has 20 - 30 checks to verify when they call. Short of writing a policy & procedures to not verify funds (we still want to help our local merchants), are there any guidelines on verifying funds to third parties?
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