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Business | Personal | Check
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What is a substitute
check?
To make check processing faster, federal law permits banks to replace original
checks with “substitute checks.” These checks are similar in size
to original checks with a slightly reduced image of the front and back of the
original check. The front of a substitute check states: “This is a legal
copy of your check. You can use it the same way you would use the original
check.” You may use a substitute check as proof of payment just like
the original check.
Some or all of the checks that you receive back
from us may be substitute checks. This notice describes rights
you have when you receive substitute checks from us. The rights
in this notice do not apply to original checks or to electronic
debits to your account. However, you have rights under other
law with respect to those transactions.
What are my rights
regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you
to request a refund for losses you suffer if a substitute check is posted to
your account (for example, if you think that we withdrew the wrong amount from
your account or that we withdrew money from your account more than once for
the same check). The losses you may attempt to recover under this procedure
may include the amount that was withdrawn from your account and fees that were
charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure
is limited to the amount of your loss or the amount of the substitute
check, whichever is less. You also are entitled to interest on
the amount of your refund if your account is an interest-bearing
account. If your loss exceeds the amount of the substitute check,
you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up
to (amount, not lower than $2,500) of your refund (plus interest
if your account earns interest) within (number of days, not more
than 10) business days after we received your claim and the remainder
of your refund (plus interest if your account earns interest)
not later than (number of days, not more than 45) calendar days
after we received your claim.
We may reverse the refund (including any interest
on the refund) if we later are able to demonstrate that the substitute
check was correctly posted to your account.
How do I make a claim for
a refund?
If you believe that you have suffered a loss relating to a substitute check
that you received and that was posted to your account, please contact us at
(816-881-8200, 1044 Main Street, Kansas City, Missouri 64105 or www.mobank.com).
You must contact us within (number of days, not less than 40) calendar days
of the date that we mailed (or otherwise delivered by a means to which you
agreed) the substitute check in question or the account statement showing that
the substitute check was posted to your account, whichever is later. We will
extend this time period if you were not able to make a timely claim because
of extra ordinary circumstances.
Your claim must include:
- A description of why you have suffered a loss (for example,
you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss;
- An explanation of why the substitute check you received
is insufficient to confirm that you suffered a loss; and
- A copy of the substitute check (and/or) the following information
to help us identify the substitute check: (identifying information,
for example the check number, the name of the person to whom
you wrote the check, the amount of the check).
IIf you have any questions please feel free to contact
us.
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