Deposit Return Chargebacks
In 2010, the Federal Reserve Bank consolidated to a single paper check processing site. Trends indicate that the receipt of electronic deposit return items will soon be mandated. In light of this, Southeast Corporate has taken a proactive approach that will help position our members for the future by replacing paper chargebacks and implementing a deposit return chargeback solution using image exchange.
Deposit Return Chargebacks offers you two options, the Basic Model and the Decisioning Model. With the Basic Model you will receive a daily email from Southeast Corporate with a PDF file of your chargeback items, as an electronic image.
Credit unions processing larger volumes of return items may benefit from the Decisioning Model which offers built-in decision functionality and automatic redeposit that can be customized based on predefined dollar thresholds.
Because printing of substitute checks (also known as Image Replacement Documents or IRDs) requires special printers and supplies, Southeast is offering a lower cost package of these items than can be purchased separately.
Benefits
- Reduces paper handling using check images instead of actual items for incoming returns facilitating the receipt of payments
- Eliminates manual redeposit handling
- Faster receipt of deposit returns results in faster chargebacks to your members
- Safer, helps eliminate risks associated with sending GLBA data via the mail
- Sending electronically eliminates the hassle of transportation delays and saves on courier costs
- Allows you to receive items within hours instead of days
- Avoids potential losses due to holds expiring on deposited checks due to earlier delivery of deposit return items
- Helps streamline all incoming return operations and improve work quality
- Automates decisioning of chargebacks using images and default thresholds further reduces manual tasks*
- Automates previously manual tasks for incoming returns such as balancing, researching, and controlling returned items
- Eliminates errors from manual entry
Features
- Easy to use web-based user interface*
- Viewing and Decisioning*
- Credit union notification when returns are ready for processing
- Remote Decision User Interface*
- Print Chargeback Items only, not Re-Deposit items*
- Built-in Research and Image Archive interface*
- Reporting*
- IRD printing (Provision to print Substitute Check or Photocopy In Lieu)
- High security with role-based access control system*
- Provides online access to chargeback images*
- Offers powerful search capabilities*
- Two models: Basic & Decisioning
* Part of Decisioning Model
Special IRD Printer Package
Regulations for the printing of Image Replacement Documents (IRDs) require use of a qualified IRD printer using MICR toner and IRD security paper to print chargebacks.
To make this easier and cost effective for our members, Southeast Corporate has negotiated a group rate on the Rosetta Technologies IRD Express Printer Package.
The IRD Printer Package includes one of each of the following:
- Latest Rosetta MICR Laser Printer
- MICR Toner Starter Catridge (2K yield)
- 24 lb. IRD Security Paper (500 sheets, 2-perf)
- Quick Printer Setup Guide
- Warranty Registration Card
- Rosetta "First Call" 7 X 24 Toll-Free Technical Support Line
- 3-Year Express Exchange Warranty
Accessories and Supplies Ordering:
For more information, contact your Member Relationships Manager (MRM), or Member Services at 1-800-342-0203, option 1.
