DEPOSIT CHEK
Retail Banks • Savings & Loans • Thrifts
The DEPOSIT CHEK service is a proven solution to help prevent fraud and expedite funds availability decisions at the teller window, new account desk, image ATM, online banking and/or the back office.
Positive and negative responses for both on-us and off-us items validate the existence and status of draftable accounts.
Offerings
For deposits and payments, information is extracted and transmitted to Early Warning Services.
Bank routing number, account number, check number and dollar amount are compared to current information provided directly from paying institutions on a nightly basis.
Positive and negative results are provided in a real-time response or appear in a next-day report.
- Real-time - An immediate response is provided to an institution’s automated decision system or directly to the teller window, ATM or new account desk.
- Batch - Next-day report or optional intra-day reports contain account and item-level warnings.
Return item warnings are provided intra-day once a paying institution makes a no-pay decision.
- Check Reader - Deployed in high-risk deposit processing areas, an easy-to-use check reader provides account and item-level warnings within seconds.
The Industry Standard
A long established best practice among leading U.S. financial institutions has been the use of the batch DEPOSIT CHEK service to reduce exposure to losses.
It is the means by which most major financial institutions as well as other financial services organizations contribute daily status updates on their own accounts, stop payment records and outgoing returns.
They also contribute transit and return information to help generate an account risk indicator on the accounts of non-participating institutions.
Inquiring financial institutions with greater than 250,000 transaction accounts are required to contribute to the Shared Account database.
The Competitive Difference
Early Warning maintains a common platform and safeguards the National Shared Database to allow financial services organizations to contribute and share information for the purposes of detecting, preventing and deterring fraud. Unlike other fraud prevention services, Early Warning serves in a Trusted Custodian role. In this capacity, the database is governed by a set of strict Operating Rules, created and adopted by financial institutions, which clearly define acceptable criteria for contributed fraud and account abuse data. Early Warning also supports consumers' rights to dispute and correct inaccurate or incomplete information furnished to Early Warning in accordance with the Fair Credit Reporting Act (FCRA).
Item Processors play a critical outsourcing role by delivering the DEPOSIT CHEK service to their clients.
For more information on the DEPOSIT CHEK service, please Contact Us.
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