GENTRY — School board members on Dec. 19 approved the school district’s use of checXchange to automatically collect on checks returned to the school’s bank for insufficient funds.
The service, which is free to the district, saves district personnel the hours of work to collect on bad checks written to the schools or school-related organizations.
The checXchange website states the company receives returned checks directly from the bank and times collection efforts to increase successful collections on returned checks to near 85 percent.
The school district will receive 100 percent of the face value of successfully collected checks. The company makes it’s money through state-authorized collection fees on returned checks.
Gentry Schools superintendent Randy Barrett recommended the service offered through its bank, Arvest, saying it would relieve the school district personnel of the obligation of knowing the financial matters of district patrons.
The district will be required to post notification to check writers that the schools are using the check collection service. Submitting a check to the district will automatically authorize checXchange to collect the face value and state-authorized fees on returned checks.
Gentry Schools superintendent Randy Barrett recommended the service offered through its bank, Arvest, saying it would relieve the school district personnel of the obligation of knowing the financial matters of district patrons.
The district will be required to post notification to check writers that the schools are using the check collection service. Submitting a check to the district will automatically authorize checXchange to collect the face value and state-authorized fees on returned checks.
News, Pages 1 on 12/28/2011