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Can a billing company, store, or other merchant take extra money from my account using check conversion?

April 26, 2017billing COMPANY conversion extra merchant money my account store

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Can a billing company, store, or other merchant take extra money from my account using check conversion?

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No. Under Regulation E and the NACHA Operating Rules, only the amount of the check may be deducted from your account. The NACHA Operating Rules and Reg E provide protection if there are unauthorized debits from your account.

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No. Under Regulation E and the NACHA Operating Rules, only the amount of the payment may be deducted from a customer’s account. Your customers can be assured that NACHA Operating Rules and Regulation E provide protection if there are unauthorized debits from individual accounts.

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No. A customer’s financial institution protects all customer financial information. While the business’s financial institution debits customer accounts, the business has no access. For this reason, check conversion can increase a customer’s financial privacy.