• Cash Management
  • Check Recovery
  • Sweep Services
  • Collection Services
  • Disbursement Services
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• Business OnLine Access
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• Risk Management

Check Recovery Services

Synovus Check Recovery provides a full collection of your paper check returns, including electronic re-presentment, in the most expeditious and efficient manner available. The service is a free feature of your commercial checking account.*

Benefits

• Faster collection of items. Re-presented check entries (RCK) via ACH clear three to four days sooner than paper items which improves collection rates.
• Receive up to 100% of the face value of check
• Increased collection potential through additional presentment opportunities. Collection rates increase to 75–80% on average.
• Requires no interaction and a minimum amount of time to monitor each return.

How It Works

• You are enrolled in Synovus Check Recovery upon opening your commercial checking account.
• Synovus Check Recovery will contact you to discuss how the plan works and your individual preferences.
• Paper check returns are automatically converted into electronic transactions or a “Re-presented Check Entry” (RCK) and routed through the ACH network for collection.
• Returned items will be electronically re-presented up to 2 times if eligible. (Checks returned for non-sufficient or uncollected funds, not exceeding $2,500, qualify for electronic collection.)
• Items not collected during the electronic collection phase, or not eligible, will be moved into a manual collection process and then into the legal process, if necessary.
• You may track returned items online 24/7, and complete reporting of all returned check items is available.
• Transactions can be timed for re-presentment when the payor is most likely to have funds (1st, 15th, etc.).
• Collected funds can be automatically deposited into your account.
• You will receive 100% of the face value of all items collected within the first 60 days, regardless of the collection method used.

 

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info@banknorthgeorgia.com
(770) 576-4471

* Eligible commercial checking accounts are Preferred Business Checking, Free Small Business Checking, Commercial Premium Money Market Account, Commercial Money Market Account, Advantage Commercial Money Market Account, Advantage Commercial Money Market Account, Business Interest Checking, Advantage Business Interest, IOTA, IOLTA, Small Business Checking and Commercial Analysis Checking.