What does the term Centralized Returns mean?
Centralized Returns (also known as Return Check Consolidation [RCC]) funnels all multi-unit Merchant NSF returned items to our central bank for processing. The Merchant is provided with a special endorsement stamp to be used before depositing the item instructing the Federal Reserve to route the items to our central bank when returned. The stamp will include the Merchant s name, depositing account, and store number. If the item is NSF, it will debited electronically from the merchant s bank account. The returned items are imaged and posted on our secure website and the RCK process begins. Multi-unit operations realize a savings on returned check fees and an increase in available operating funds due to the time saved in processing returned items.
