The IP Dept. will return any check requested by the CU. However, no IP staff member can guarantee acceptance of a late return by the Depositing Bank.

 

The Depositing Bank is allowed sixty (60) business days, from the charge date of the return, to file a late return claim. When a late claim is filed, the Paying CU will receive a debit, the original check, and all other supporting documentation for the claim. If the Paying CU can not prove the check was returned timely, the debit stands and there is no recourse.

 

If a late return claim is filed and the Paying CU can  prove the check was returned in a timely manner, the IP Dept will assist the CU in preparing a PAYING BANK’S RESPONSE TO CLAIM OF LATE RETURN.  The response proving a timely return must be submitted to the FRB within 20 business days of the late claim charge.

 

The FRB will not accept late return claims on checks in the amount of $100 or less.