NSF Check Recovery Service FAQs
Is this legal?
How do I know Last Echo is a legitimate business?
What is RCK?
How much does this service cost?
How can you provide this
service for free?
Do I need to buy or lease any special equipment?
How much of the face value of the check will I get back?
How does it work?
Is there a lot of paperwork to fill out?
Do I need to notify my customers?
I only have a couple of bad checks. Is it still worth it to me?
I have a bad check from 4 months ago. Can I still recover it?
How soon after I sign up can I begin using the service?
How soon is the money deposited into my account?
Why do I have to wait 30 days for some checks?
How many times can a check be resubmitted?
Are All NSF checks eligible?
Are the transactions secure?
Is Last Echo, LLC a collection agency?
Does Last Echo, LLC share client information?
How do I start?
Yes. The National Automated Clearing House Association (NACHA), the organization governing ACH
transaction activity, approved new regulations regarding these transactions which became effective September
1998. This regulation protects both consumers and businesses.
All transactions are governed by:
- NACHA Operating Rules
- Federal Reserve Board Regulations
- UCC Article 4 Electronic Funds Transfer Act
- and other applicable State & Federal laws.
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- We are duly registered as a Limited Liability Company in the State of New Hampshire.
- We are registered with the Better Business Bureau - NH and are awaiting full membership status.
- We are a Member of the Greater Keene Chamber of Commerce.
- We are also registered with the Federal
Government and hold an authorized EIN#.
- Finally, we are properly
authorized with access to the ACH Network - having gone through an extensive approval process.
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RCK stands for "Re-presented Check Entry". This is a process where non-sufficient funds (NSF) checks are resubmitted electronically
through the Automated Clearing House (ACH) network. This process
was approved by the National Automated Clearing House Association
(NACHA) in 1998.
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It costs you nothing. The service is absolutely FREE. There are no
transaction fees, no minimums, and we can process an unlimited number of checks.
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We charge the check writer a State
authorized NSF
handling fee which covers our processing costs.
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No.
Last Echo, LLC handles everything. Your bank
sends us the check, we make the recovery, and we deposit funds
into your account. It's that simple.
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All of it. When we recover your money, you receive 100% of the
value of the check. No fees, charges, or others costs are
deducted. You get it all.
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- After we set your account up, your bank forwards all returned checks (for NSF, Insufficient Funds, or
Uncollected Funds) to us for processing.
- Last Echo, LLC then enters these checks into our database
and initiates an electronic transaction.
- After the funds have been collected, we will deposit the money electronically into your designated bank
account.
- You are kept informed of the whole process by email notifications.
We'll email you when we receive a check, when we recover a
check, and when we deposit funds into your account.
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No. To set your account up there is only a short Agreement
Form to
sign and an Authorization to your bank to request them to send us
your NSF checks. We do all the rest.
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Yes. Notifying your customers of your electronic debit(s) is
required by NACHA regulations. There are several ways to comply
with this regulation:
- You should post a sign at your point-of-sale
informing your check customers that you will be
debiting their account electronically if their
check is returned to you for NSF. We can provide
you with a self-adhesive sign or you can simply
view the label here, print it, and display it as appropriate.
Internet based check transactions should also
inform the customer (with text) at the time the
transaction takes place. Or...
- You can require your client to sign a separate
authorization form. Or...
- You can 'rubber stamp' your customer's checks
with the authorization language and have them sign
it at the time you accept the check. This method
works well for off-site transactions - i.e. for
delivery drivers, etc.
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Yes. Even one check wastes your valuable time and money. Add up
the costs: an original $30 bounced check, NSF bank charges, sales
tax, and your time spent trying to recover the check. How much will that one
bounced check cost you in lost revenue? How many additional sales will
it take to break even? There is
no minimum on the number of checks you can send us to recover.
Send 1 or send 100, Last Echo, LLC will recover
them for you.
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Yes. We can recover NSF checks up to 6 months old. Checks older
than that will be forwarded to our secondary collections agency. You
will still receive 100% of face value upon receipt of funds from the
check writer.
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Instantly. Just forward any checks you have outstanding to
Last Echo, LLC and we will process them immediately.
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Last Echo, LLC will forward 100% of the face value
within 7 banking days after a successful recovery. A successful
debit can take up to 30 days. The collected funds will be deposited
into your account electronically.
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Time must be allowed for proper clearance through the banking
system and to allow for those items that are still NSF to be
returned again. There is no guarantee that the funds will be
captured on the first attempt.
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Last Echo, LLC can make two electronic attempts to
retrieve funds on a returned NSF check. We initiate the first
electronic debit when we enter a check into our database. If the
check is returned again because of NSF, we
will automatically attempt a second electronic debit within 30
days.
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No. NACHA regulations specifically exclude the following paper
checks (which can still be submitted to our affiliated 'collections'
agent):
- Returned checks more than 180 days old
- Checks with a face value greater than $2,500.00
- Returned checks originally issued by a State or Federal
government agency
- Returned checks drawn on non-US banks, and in anything other
than U.S. Dollars
- Checks returned for anything other than NSF, Non-Sufficient
Funds, Insufficient Funds, or Uncollected Funds
Please note that although the above checks are not eligible for
automated electronic processing, we can still recover these for you
by forwarding them to our secondary collections agency... still at
no cost to you.
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Yes. All transactions take place on secure servers using industry
standard encryption.
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No. When you use our service, you are having us convert a paper NSF
check into an electronic transaction. This is the first and most
efficient method to retrieve an NSF check. Only after other attempts
for recovery have been exhausted should a collection agency be used. Last Echo, LLC
is affiliated with a collections agency and we offer their services
as an option -- still at no charge to you.
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No. We do not share client information with anyone. We would only
share information if required by court order. See our
Privacy Statement for more
details
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Go to our
Sign Up page and sign up now.
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