Asady Mandangan Hussin, Assistant Professor IV Berma Salih Omarali, Instructor I Mernalyn Abbas Isa and Associate Professor III Sahajim Hamis Hassan of TTRAC failed to present pertinent documents in 21 check conversions
Several States, since the late 1960s, have enacted "Freedom of Religion Acts" -- commonly known as Anti-Conversion laws -- to check conversions
by force or fraud.
The Fed separates out the kinds of payment eligible for same-day settlement: consumer check conversions
and telephone and Internet payments.
Paperless transactions like electronic funds transfer (EFT), automated clearing house payments (ACH), check conversions
and B2B credit card payments stand to make all transactions immediate and, perhaps more importantly, much more secure.
are often transparent to many consumers who still write checks at places such as Wal-Mart, for example, or pay certain bills by check.
Because a POS transaction originates as a check but is cleared as an electronic transaction, there has been some ambiguity about whether POS check conversions should be treated legally as a check or as an electronic payment.
A related type of transaction is known as a point-of-sale (POS) electronic check conversion. In this type of transaction, a consumer writes a check at a retail location or similar point of sale.
In short, payment by either debit card or POS check conversion offers a higher degree of payment finality than a check payment.
Rudet Fountaini National Sales Manager for ACM, recently informed NACM of recent changes in the management of electronic transfers of funds that allow business check conversions. These changes were implemented on September 15 by NACHA (The Electronics Payment Association): Before this recent change, Fountain said check conversions were only allowed for consumer checks.
Fountain said that one of me reasons businesses were not included in check conversions was that it was not easy to determine at the point of sale if a person writing the business check was authorized to give consent for conversion: However, the newly implemented changes mark a shift in the default position and allows for most business checks to be converted.
Fountain said that ACM is considering offering services that would facilitate business-to-business check conversion made possible by this and other legislation, such as Check 21.
"Industry watchers who debate whether check imaging exchange will supplant with check conversions
are missing the point that, over time, fewer corporate checks will be written in the first place," said Feinberg.