Centralized Returns
Significantly Reduce or even Eliminate Returned Check Fees
Copyright © 2005 EFT Network, Inc. All Rights Reserved.
Business Challenges
Returned Checks Fees
 Increasing bank service fees for NSF checks
 NSF fees are rising steadily at 4.5%, costing on average
between $21.00 - $24.75 per check
Delayed NSF Check Notification
 Average time is 7-10 business days before you know that
the check bounced. Versus 3-5 business days with EFT
Source: Bankrate Monitor Sept. 28,
2001
Business Opportunities
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Benefits guarantee companies, checks returned faster
As a sales tool for reselling
As part of a front-end RCK System for potential clients
Eliminates low dollar clearing
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Centralized Returns
Centralized Returns enables companies with multiple banking
relationships to easily consolidate unpaid and returned checks at a single
bank. Our Centralized Return System channels returned checks into a
seamless process which can significantly reduce or even eliminate
returned check fees.
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Centralizes returned checks with a customized endorsement stamp
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Customized verbiage for the endorsement stamp, or by working with a
merchant’s data processing department or software vendor to help create the
proper endorsement via their point-of-sale equipment
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Full data capturing, customized reporting, next day online reporting of returned
data, and check images that can reduce the risk of your business to accept
returned checks
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Streamline Process
Special Endorsement Stamp
 Instructs check writers and/or merchants bank to return all dishonored checks
to a third bank
 Our bank will provide check imaging and a MICR file the same day checks are
received
EFT Network Advantage
 The merchant’s bank does not charge NSF Fees to the merchant for the
bounced checks
 Merchants can have access to check images and return reports on-line
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Key Features
 Develop immediate savings and reductions in NSF bank fees/charges
 Improve your overall collections and payment efficiency
 Customized endorsement stamp, containing verbiage necessary to
re-direct NSF checks to EFT Network
 Built-in ability to electronically re-presentment NSF checks
 Applicable to any type of deposited check
 Actual NSF checks can be returned via US Mail or overnight courier
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Technology Behind Centralized Returns
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Step-by-Step
1.
The Consumer presents a completed check
to the Merchant, who stamps the Centralized
Return stamp on the back of the check
authorizing the ACH transaction.
2.
Merchant deposits check into his bank
account.
Merchants Bank
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Step-by-Step
Merchants Bank
3.
Merchant bank sends the check to the
check writer’s bank for payment.
Check
is dishonored at the check writer’s
bank. Check writers bank redirect
checks to Centralized Returns Bank.
4.
Return check items are imaged and
posted on our web. Paper checks are
then sent to you a few days later.
Consumers Bank
Centralized
Returns Bank
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EFT Software
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Web Browser
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Go to your browser and access the
web-site
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Log onto www.redeposit.com
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Select Customer Login on the left
navigation
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Customer Login
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Enter your customer information all
in uppercase letters.
- File Code
- User Name
- Password
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Select OK
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Welcome Page
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Here you can access:
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Transaction cut-off times
Notification of results status
Customer Survey & Daily
Messages
Select Centralized Returns on
the left hand screen to get
started
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Main Menu
 Company Name and Number of Items Returned – Total number of
returns
 Daily Returns (Combined) – summary of daily returns within a given
date
 Search Centralized Returns – look-up for centralized return by
account number and routing number
 View Images – check image feature for all returns
Reports
 Detail Reports
 Summary Report
 Mismatch Moves Report
 Main Menu – return to the system main menu
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View Images Online
 View front and back of check image
 Verify check number
 Confirm check amount and date
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Search Centralized Returns
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Routing Number
Account Number
Check Number
Sequence Number
Stamp Number
Location Number
Start Date
End Date
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Benefits for, You
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Complimentary use of our software without the need to purchase additional
equipment
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24/7 access to images of NSF checks available via our secure website
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Maintain your existing banking relationship
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User-friendly interface, requiring only internet access
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Clear returned checks faster
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Save on NSF banking fees or re-depositing costs
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Transactions easily re-submitted for payment
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Seamlessly upload detailed paid data file to your Accounts Receivable
program
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Conclusion
Centralized Returns provides:
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Improve your overall collections and payment efficiency
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Customized endorsement stamp, containing verbiage necessary to re-direct
NSF checks to EFT Network
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Built-in ability to electronically re-presentment NSF checks
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24/7 access to images of NSF checks available via our secure website
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User-friendly interface, requiring only internet access
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Seamlessly upload detailed paid data file to your Accounts Receivable program
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EFT Network, Inc.
is Committed to Providing
Superior, Affordable,
ACH and Check Processing Solutions
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Getting Started
EFT Network, Inc.
245 Saw Mill River Road
Hawthorn, NY 10532
Tel: 914.747.3222
Fax 914.747.7218
www.redeposit.com
Contact:
Alex Bacon, Vice President of Sales & Marketing
E-mail: sales@redeposit.com
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