Substitute Checks and Your Rights. What is a substitute check? To make check processing faster, federal law permits banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes the rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other laws with respect to those transactions. What are my rights regarding Substitute Checks? In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, NSF check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You are also entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other laws. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we receive your claim and the remainder of your refund (plus interest if your account earns interest) no later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account. How do you make a claim for a refund? If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us. You must contact us within 40 calendar days of th...
Substitute Checks and Your Rights a. What is a substitute check? To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image on the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check The Checks that you receive back from us, if any, may include substitute checks. This notice describes rights you have if you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your Account, but you have rights under other law with respect to those transactions.
Substitute Checks and Your Rights. This Section II disclosure applies only to personal accounts held by consumers. This information, presented in question and answer format, contains helpful information that explains some of your rights under a federal law commonly referred to as Check 21.
Substitute Checks and Your Rights. 14 What is a "substitute check"? 14 What are your rights regarding substitute checks? 14 What is the process for claiming a refund? 14
Substitute Checks and Your Rights a. What Is a Substitute Check?
Substitute Checks and Your Rights. What is a substitute check? A substitute check is a paper copy of an electronic image of your original check that has been used in the check clearing process. These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. This notice describes rights you have when you receive substitute checks from us. The rights within this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other laws with respect to those transactions. Please contact your nearest branch with questions regarding your rights in respect to original checks or electronic debits. What are my rights regarding substitute checks? In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account. For example, if you think that the credit union has withdrawn the wrong amount from your account or has withdrawn money from your account more than once for the same check. The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal,
Substitute Checks and Your Rights. Important Information about Check 21
Substitute Checks and Your Rights. To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original checks. The front of the substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some of the checks that you receive back from us, such as returned deposit items, may be substitute checks. When you receive a substitute check from us, it will be accompanied by a notice describing your rights.
Substitute Checks and Your Rights. What is a Substitute Check? To make check processing faster, federal law permits banks to replace original checks with “substitute checks”. These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
Substitute Checks and Your Rights. The following provisions help explain some of the rights a consumer has under a federal law commonly referred to as Check
