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 ?
RDM has pioneered electronic check conversion systems and web based image and transaction management services for banks, retailers, payment processors and government agencies as well as print quality control and image quality systems for a variety of global customers.
Proposed commentary revisions would provide guidance on preauthorized electronic transfers from a consumer's account, additional electronic check conversion issues, error resolution, and other matters.
MINNEAPOLIS -- Solutran is pleased to announce that CVS/pharmacy has chosen Solutran for electronic check conversion services.
Standard guarantee manual entry, standard guarantee multiple check, standard guarantee with a check reader, electronic check conversion with imaging and electronic check conversion non-imaging are all supported on the high-speed, high-security Optimum T4200 devices.
The Federal Reserve Board announced on March 21, 2002, the publication of a guide to help consumers better understand their rights and responsibilities with regard to electronic check conversion transactions.
com) is a leading provider of integrated credit, debit, gift and electronic check conversion processing solutions.
The applications support authorizations through CrossCheck's Host for standard guarantee and electronic check conversion services.
Global eTelecom's value added solutions include: Electronic Check Conversion, Traditional Paper Guarantee, ARC Lockbox Conversion, Recurring ACH Debit and Gift/Loyalty Card Processing.
As one of the initial pioneers in electronic check conversion at the retail point-of-sale, EZCheck has leveraged its advanced technology and systems to expand its product line into adjacent markets including accounts receivable conversion and recurring payments services.
Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, check verification and recovery, as well as terminal management.
HOUSTON -- Commerciant, LP, the leader in wireless payment processing solutions, and EZCheck(R) Check Services, an information and payment services company offering the most advanced check systems in the industry including electronic check conversion, today announced that they have signed an agreement for EZCheck to resell Commerciant's market leading Mobilescape 5000 wireless check and credit card processing solution.
Under the terms of the settlement, ECHO and XPRESSCHEX entered into an agreement to license LML's patents for electronic check conversion in the Direct Consumer Field (NACHA standard entry class code "POP"), including LML's U.
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