Can a deferred presentment service transaction remain open in the State Database (Veritec) if all the customer owes is the $25.00 returned check charge?
No. The transaction is to be closed upon repayment of the underlying transaction debt. A deferred presentment transaction is defined as closed when the licensee receives payment of the face amount of the check. If a customer only owes the $25.00 returned check charge on a deferred presentment service transaction, can the customer pay the $25.00 returned check charge with the proceeds of a new deferred presentment service transaction? Yes.
Related Questions
- Can a deferred presentment service transaction remain open in the State Database (Veritec) if all the customer owes is the $25.00 returned check charge?
- If an extension is granted on a deferred presentment transaction, must the new maturity date be entered in the Veritec database?
- What is the service fee that a licensee may assess to a customer on a deferred presentment transaction?
