First Ipswich Bank is here to help you with all of your business needs, including the aggravation of returned checks.
Re$ubmitIt®, First Ipswich Bank's electronic check recovery service, significantly reduces the hassle of collections, with the potential of doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically.
How does Re$ubmitIt® work?
The Re$ubmitIt® electronic check recovery service handles the collection process discreetly and electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer's bank account.
- First Ipswich Bank sends Re$ubmitIt® returned checks, from there the checks are converted electronically.
- The electronic check file is then processed and strategically timed for re-presentation to the check writer's account for collection. Presenting checks at proven "time slots" improves the chance of collection.
- If the electronic check cannot be collected after one submission, Re$ubmitIt® will present it a final time.
- The check may be re-submitted up to two times electronically. If the check is not recovered after the second time of submitting, the check will be sent to Re$ubmitIt®'s traditional collections, or sent back to you.
- Upon settlement, 100% of the value of all checks is reimbursed to you automatically. The check writer's account is charged the state-regulated non-sufficient funds (NSF) fee to cover the cost of collection.
For more information about Re$ubmitIt, click here .
For questions and additional information about First Ipswich Bank's Re$ubmitIt® electronic check recovery service, call 866-860-5906.