Preferred Bank is here to help you with all of your business needs, including one of your biggest headaches - Returned Checks.
Preferred Bank's electronic check recovery service, Re$ubmitIt significantly reduces the burden of collecting funds from NSF checks, while potentially doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically!
How Does Re$ubmitIt Work?
The Re$ubmitIt electronic recovery service handles the collection process electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer's bank account.
- Returned Checks are sent from Preferred Bank to Re$ubmitIt, where eligible checks are converted into electronic items for re-presentment to the check writer's bank account for collection.
- The electronic check file is processed and strategically timed for re-presentation. Presenting checks at proven "smart dates" improves the chance of collection.
- If the item is not recovered on the first electronic re-presentment, it is re-cued for a second electronic re-presentment (third total). If this third presentment fails, the check can be sent to Re$ubmitIt's FREE secondary collections, or the check check can be sent back to you.
- Upon settlement, 100% of the face value of the check is reimbursed to you automatically. The check writer's account is charged a state-regulated collection fee to cover the cost of collection.
If you have additional questions about the Re$ubmitIt electronic check recovery service, please call (866) 860-5906 or email Re$ubmitIt directily by clicking here. Support
For more information please stop by your local branch or call (816) 525-3211 during normal business hours.