What is an electronic check conversion?
An electronic check conversion relies on information that is extracted from a source, your check, to make a transaction. The information used includes the check number, the number of your account, and the number the bank uses as its identifier. How is an electronic conversion different from using a check? Since electronic check conversion is typically processed much faster than a check, the monetary funds need to be in your account at the time of the payment. Moreover, with electronic check conversion, the consumer has the right to request an investigation by their financial institution when an error has occurred. How do I know if an electronic check conversion will be used instead of my check being processed? Federal law dictates that consumers be given notice when an electronic check conversion will occur rather than a check being processed. At stores, a posted notice may be used or the consumer may be asked to sign a statement. Since my check isn’t actually being used, can I use it
