Electronic check conversion

Electronic Check Conversion

A form of payment in which the payer writes the payee a check, but in which the actual funds are debited/credited electronically. The U.S. Treasury has used electronic check conversion to make large payments online.

Electronic check conversion.

Electronic check conversion is a payment process in which you give a payee a check, but the actual payment is processed as an electronic funds transfer.

The payment is automatically debited from your account using the account, routing information, and bank ID information on your check, which is either voided and returned to you or destroyed.

A business must notify you before it uses electronic check conversion to process your payment. Keep in mind that an electronic funds transfer will be completed much more quickly than a check, so it's important to have the funds available in your account before you authorize an electronic check conversion.

As with any other type of electronic funds transfer, you have the right to ask your bank to investigate any errors or misuses.

References in periodicals archive ?
The company provides a range of services such as credit card and debit card processing, electronic check conversion, loyalty/gift card programmes, consumer financing and business financing to its retail and e-commerce customers in all 50 states.
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Electronic check conversion: The enactment of the Check21 legislation in October 2004 brought a higher profile to electronic check conversion (ECC), which is the conversion of a physical personal check into an electronic image of a personal check.
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Leading government entities are taking advantage of quickly evolving electronic payment trends to improve revenue collections while reducing costs, particularly through the latest solutions designed for PINless debit and electronic check conversion.
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The proposed revisions to the regulation would provide guidance regarding the rights, liabilities, and responsibilities of parties engaged in electronic check conversion transactions and would provide that payroll card accounts are accounts covered by Regulation E.
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