There are distinct advantages, and potential for customer impact, to each method used to send a check back to the Bank of First Deposit, i.e., a return versus an adjustment. This session discusses the Paying Bank's legal right to return a check within very strict deadlines compared to a more forgiving time frame for check adjustment. With a focus on check adjustments, we will discuss reasons why the adjustment process may be the smartest course of action; the most common check adjustments used; definitions of adjustment types and their associated time frames; and where the warranties may be found to make one's case for the adjustment claim and the statute of limitations for the claim. We will also share the process of making a demand letter in instances where an adjustment claim is not available. If you want to learn why an adjustment is sometimes the better option to minimize customer impact, this session is for you!
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AAP/APRP/NCP Credits: Up to 1.8
Item Number - LMSR1011