Checking accounts have changed and you may want to spend some time checking out the changes and how they affect you.
To start, checks are being processed more quickly these days. This means that when you write a check the money may be deducted from your account sooner. To avoid bounced checks, be sure you have enough money in your account at the time you write a check. A bounced check charge could cost you $25 per check or more.
Here are some other changes you should make note of:
• Some of your checks may be converted to electronic funds transfers from your account-called electronic check conversion. Your check is now like a debit and the money may come out of your account sooner. If you don’t want the checks you write to pay bills converted, contact your creditors to find out how to opt out. If you need a copy of a check that was converted, you will have to contact your bank, which will then contact the creditor who converted your check.
• Some of your checks may be processed as a check (instead of being converted), but the banks may exchange payment information electronically. Banks do this by creating “substitute...
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