Frequently Asked Questions
What is Check Safekeeping?
Check Safekeeping means that Solera National Bank will keep copies of your canceled checks instead of including them in your monthly statements. Solera National Bank will maintain these copies for seven years.
What are the benefits of the Safekeeping service?
You no longer need to sort through canceled checks when you receive your statement. Bank copies are accepted as proof of payment and you aren't burdened with storing and later securely destroying the hundreds of checks you may accumulate over the years.
Without the checks, how will I balance my statement?
Monthly statements include all the information for balancing, including check number, date the check was paid, and amount.
With our Internet Banking, you can view your paid items without waiting for your statement if check images is one of your account features. You can even print the front and back to determine date of payment, amount and the payee name. If you haven't signed up for the Internet Banking service, now's the time.
What if I need a copy of a check?
If you ever need a copy of a check, there are several ways to obtain one. With our Internet Banking service, you can print your own copies (front and back) by accessing your account online, as frequently as you wish at no cost to you. Solera National Bank will also produce copies when you stop by our local branch (a nominal research fee charge will apply).
What if I need proof of payment?
Check copies have rapidly become commonplace and are widely recognized as proof of payment. While Check Safekeeping may be new to some, millions of banking customers across the country enjoy it.
Is there a limit to how many times a bank can run an insufficient check through for payment and collect an NSF fee?
The general practice for submitting a check is two times through the automated clearing process. The item can also be sent as an electronic item via the ACH network one time. After that, items are generally handled on a "collection basis" and result in higher fees.
When is a check no longer valid?
Other than a certified check, a bank is under no obligation to pay a check which is presented more than six months after its date. Of course if presented a bank may honor the check in good faith. Reference should be made to any provisions in the depository contracts.
What is a check verification company?
These are companies that provide deposit account verification services to its members to assist them in identifying applicants or customers who may have a history of account mishandling. This includes, but is not limited to "bad check" writers and repeat overdrafters. Some companies offer multiple services such as check conversion, check guarantee, check verification, and collection services.
Check verification companies are subject to the Fair Credit Reporting Act. If they offer collection services, they are also subject to the Fair Debt Collection Practices Act and other laws. The Federal Trade Commission enforces these laws.