Returned Check Policy
On Thursday, March 1st, the St. Vrain Valley School District (SVVSD) will implement a new accounting process when handling checks. In an effort to increase efficiency and reduce costs, SVVSD will begin to convert checks into Automated Clearing House (ACH) or electronic transactions. This new service will be used for all checks received by the District.
Your check is converted into an instantaneous electronic transaction, similar to that of a debit card transaction.
Checks are processed though image exchange or as a substitute (electronic) check. This method “delivers” images of the front and back of a check to corresponding banks for processing.
Important: When you provide a check as payment, you authorize the St. Vrain Valley School District to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.
The new procedure includes all checks received by the school district and neighborhood schools.
Why is the District adopting this new system?
- Accelerated availability of funds and reduced processing costs.
- More efficient processing due to ACH conversion, including an additional redeposit option for all returned items. See returned check policy.
- Electronic processing reduces the time and resources needed to process payments. The results are lower costs, fewer errors, less labor, less paper, and less impact on the environment.
What happens when my check is converted to an electronic transaction?
We use information on the check and convert the check to an electronic transaction based on that information. Electronic transactions are more efficiently processed than paper checks, and that helps keep our costs low and reduces our impact on the environment.
Why isn’t the check listed on my bank statement?
Because your payment is processed as an electronic transaction, it may be listed in the section of your bank statement with other electronic debits. The description of the electronic debit includes information to help you easily identify your payment. Because converted items are electronic debits, you may be able to see the payee and a transaction description in your statement.
Can I get my original check back?
No. For your protection, we destroy the original check. The original check is presented for payment only once, through an ACH debit.
Does this mean you debit my account each month, and I don’t have to write a check to pay my bill?
No. This is not a recurring debit program. We need your check to initiate each payment. You still control the timing of a payment by paying with a check.
What authority allows you to convert my check?
Pursuant to regulatory rules (NACHA and Regulation E), we are properly notifying you of our intention to clear your check electronically.
Can I place a stop payment on a converted check?
Yes. As with any stop payment, however, you should place the stop payment with your financial institution as quickly as possible.
Please Note: If your check has been returned for non-payment and has not cleared after 2 submissions, it will be sent immediately to ECASH SYSTEMS for collection. See returned check policy.