Are licensees required to close a transaction when the check is deposited or ACH is submitted for payment?
No. Closed in connection with a deferred presentment service transaction is defined as “the check is deposited by the licensee and the licensee has evidence the person has satisfied the obligation”. The transaction should remain open for 5 business days after the check is presented for payment unless the licensee has evidence the check has cleared. If the transaction would be auto-closed by Veritec prior to this time period, a hold should be placed on the transaction.
No. Closed in connection with a deferred presentment service transaction is defined as “the check is deposited by the licensee and the licensee has evidence the person has satisfied the obligation”. Refer to Bulletin 2008-14-CF for specific information regarding closing transactions in the database.
