I wrote a check to a company that they have cashed three times, once as an ACH and twice as a check. They claim that they only show the ACH payment and need a transmittal from my bank as proof of all three payments. My credit union needs to check if they can obtain a transmittal past 45 days. What is a transmittal and how long do banks/credit unions generally keep them?
The transmittal they are referring to is a record of items (electronic or paper) received by a depository institution or sent by it. It includes totals, item sequence numbers and dates that can be helpful in tracing the route a payment item has taken.
Could it be that the check was posted and returned for insufficient funds, or some other reason, two times and then collected via ACH? That's a fairly common sequence of events. Check your account statement to see if there is a credit (returned check) entry immediately following the first two times the item hit your account. Records retention standards differ from state to state for some types of records.
Published on BankingQuestions.com 5/08/08
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The transmittal they are referring to is a record of items (electronic or paper) received by a depository institution or sent by it. It includes totals, item sequence numbers and dates that can be helpful in tracing the route a payment item has taken.