FLINT, Mich. – Financial Plus FCU has joined several other local financial institutions in offering free electronic check recovery services to business checking or commercial customers.
The credit union has contracted with Infinity Business Group to collect funds from bad check writers.
Under the service, the credit union forwards checks drawn on nonsufficient funds to Infinity and the company converts the check to an automated clearing house payment. The company calls the check writer’s bank daily for 60 days until there’s money in the account to cash the check. After 60 days, it can continue to pursue the funds, though the business won’t receive the full 100%.
The recovery service is free to credit unions and banks. Infinity, which provides the service to 200 institutions across the country, makes its money through a fee charged to the bad check writer.
Infinity is based in Barbourville, Ky.
