Electronic check conversion is becoming more popular these days and consumers should know what it is and how it can affect them. The last thing anyone wants is to bounce a check or to have a clerk deny a sale because of a lack of funds in your account.
So what is electronic check conversion?
In simple terms, electronic check conversion is a transaction in which your written check is used only as a source of information. The information taken from it includes the check number, your account number, and the number that identifies your financial institution or the routing number. This information about your check is then used to make a one-time electronic payment from your account. This is also known as an electronic funds transfer. The written check itself is not the method of payment, which is the main difference between what we used to know about check payments.
You will know that an electronic check conversion is taking place because, by law, when you provide your check, you must be given notice that information from your check may be used to make an electronic payment from your account.
Consumers should understand that there may be different ways...
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