New Check Processing Policy
On July 1, 2016, Weld County School District 6 (WCSD6) will implement a new accounting process when processing checks. In an effort to increase efficiency and reduce costs, WCSD6 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.
Checks are converted into an instantaneous electronic transaction, similar to that of a debit card transaction.
Checks are processed through 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 a check is provided as payment, the individual/organization authorizes WCSD6 to use information from their check to make a one-time electronic fund transfer from their account or to process the payment as a check transaction.
The new procedure includes all checks received by the school district and neighborhood schools.
Note: This only pertains to schools/sites that are using a Panini check scanner for remote deposit capture. As of July 1, 2016, high schools are the only units utilizing these machines.
FAQS
- Why is the District adopting the new system?
- What happens when a check is converted to an electronic transaction?
- Why isn't the check listed on the bank statement?
- Can the original check be returned to the remitter?
- Does this mean that the remitter's bank account is debited each month, and additional checks don't have to be written to pay future bills?
- What authority allows the District to convert a check?
- Can a stop payment be placed on a converted check?
Why is the District adopting the new system?
What happens when a check is converted to an electronic transaction?
Why isn't the check listed on the bank statement?
Can the original check be returned to the remitter?
Does this mean that the remitter's bank account is debited each month, and additional checks don't have to be written to pay future bills?
What authority allows the District to convert a check?
Can a stop payment be placed on a converted check?
Please note: If a check has been returned for non-payment and has not cleared after 2 submissions, it will be sent immediately to PFC (Professional Finance Company) for collection.