FedReceipt Plus for Returns offers financial institutions across the country the opportunity to optimize the benefits of electronic check processing by moving to a complete all-electronic process. The service provides the bank of first deposit (BOFD) with an electronic file of all return items that have been deposited with the Federal Reserve Banks.
Provides the opportunity for a bank of first deposit (BOFD) to receive some of its incoming returns earlier than it does today, which may help address the risk of releasing funds before a returned item is received.
One of the most important first steps you can take on the road to FedReceipt Plus for Returns implementation is to contact your software vendor. It is critically important that you understand any processing considerations from an operations and platform perspective. Your vendor will be able to help you fully understand what needs to be done to begin receiving your returns electronically. These questions should aid in your discussion.