The Check 21 Act provides for a number of situations in which a financial institution must provide notice to a consumer when an expedited recredit is requested. I asked our processor, Metavante, if they had any plans to create new tran codes for notice purposes so that a particular tran code can be used to automatically generate a specific notice. If my understanding of the notice provisions is correct, notices include:
1. Provisional Credit Notice
2. Reversal of Provisional Credit
3. The Notice required when a financial institution determines that the substitute check that is the subject of the consumer's claim was properly charged to the consumer's account.
4. Notice to the consumer is required when a financial institution finally recredits a consumer's account.

According to Metavante, they do not have any current plans to automate the support of the Check 21 notices. They have not received this request before, so assume the need for such assistance is not significant.
I was wondering if any of you are using vendors who are supporting this process and if so, what they are doing to assist you. If not, how do you plan to manage this process?
Thanks,
BC

I think the problem is that no one really knows if this is going to be an enhancement worth the effort. Opinions are all over the lot on whether there will be appreciable numbers of expedited recredit cases, in view of the numbers of banks that won't be routinely forwarding actual substitute checks to their customers.

It is not irresponsible of vendors to be assuming a "wait and see" attitude in this arena.

BC, Metavante doesn't currently generate these similar notices for Reg E purposes does it? (If so, we have really missed the boat. We have created our own.)

Perhaps if both could be tied together as one request it would make more financial sense to them?

No, they don't for Reg E, but they do for things such as overdrafts, Reg D notices, etc. I was hoping they might for Check 21 notices as well. One can always hope!
BC