Goldleaf Technologies Partners with Intelligent Banking Solutions

Something For Your Stocking – GoldRCK Generates New Fee Revenue

The holiday season is a time for fun, family, shopping, and…returned checks. As the turkeys roast and the chestnuts warm, the checks begin to bounce. While NSF chargebacks create small fee income for your bank, they create large hassles for your business customers. The good news, however, is that your bank can make this season of high-volume NSF checks less painful and costly for your businesses and more “jolly” for your bank’s bottomline.

The Bankers Bank has teamed with Goldleaf Technologies to bring you GoldRCK, a specialized service designed to improve and expedite your business customers’ returned-check collection while generating new fee income for your bank.

Following the ACH model for re-presenting returned checks (RCKs) electronically, GoldRCK provides a value-added service for your business customers while producing new non-interest income for your bank (without any start-up costs). Re-presenting returned checks electronically improves collection rates by speeding presentment (next-day clearing vs. 2-5 day clearing for re-deposited paper checks) and introducing an additional presentment opportunity (3 presentments are allowed in ACH rather than the 2 allowed by check law). Moreover, with GoldRCK, your bank will receive a fee 3 to 5 times larger than the average chargeback fee! Regardless of your bank’s ACH capabilities, GoldRCK can be marketed to all businesses that accept consumer check payments.

How It Works

Each time a business accepts an in-person check from a consumer, the consumer signs an authorization stamped on the face of the check — this authorizes the electronic collection of a fee if the check is returned. The paper check is deposited and processed. If the check is returned, it is scanned and converted into an ACH debit (RCK) and re-presented electronically for payment through the GoldRCK service. This conversion takes place at your bank with a service provided by Goldleaf at no cost to you. Goldleaf creates the RCK debit and processes the transaction, eliminating any risk to your bank.

Separate from the RCK, Goldleaf will also initiate an ACH debit to collect the maximum returned check fee allowed by the state in which the original check was presented. If successfully collected, the returned check fee will be credited to your bank — less processing and handling costs. The RCK, if collected, is credited to your bank for further credit to your participating business customer.

Something For Your Bank’s Stocking!

Once the NSF fee is collected electronically, the financial institution shares in the returned check fee revenue! What would normally be a nominal chargeback fee of less than $5 is now transformed into an NSF fee to the check writer of $30. Your bank shares in this larger fee! Your income per NSF could be $15 per item! Since traditional re-deposit and chargeback fees are typically waived, the corporate customer immediately realizes a reduction in costs and an improvement in collections while your bank enjoys additional income. Moreover, there’s nothing to lose and no risk or cost to your bank!

The GoldRCK service supplies all equipment, marketing materials, and financial institution/customer training. Participating businesses must require customers to sign an authorization stamped on the front of each consumer check. That’s it—GoldRCK handles the rest!

Want to know more? Contact Goldleaf’s David Jones at (407)681-4653 or djones@goldleaf.com

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