What is an electronic check?
It is an electronic version of a paper check. Like the paper check, the electronic check is a legally binding promise to pay. On screen, it looks just like a paper check and is filled out the same way. It includes all details like date, payee name, amount, signature, memo line, and endorsements. It is embedded in a secure electronic file in which the user defines data regarding the purpose of the check. Electronic checks are signed, co-signed, endorsed, deposited, cleared, and settled like paper checks. The current check law governs payments made through the electronic check processing system. Electronic checks can be used in almost all situations where a paper check is used today. They can also be used to authorize payments through other payment systems that are not check based. For example, an electronic check can be used to authorize a wire transfer payment, or ACH debit and credit transactions. The paying or depositing bank can validate the signatures on electronic checks by automa
An electronic check, also known as an e-check, is a device by which someone owed money may debit the bank account of the payer without actually having a physical check in hand. This can create a convenience for both the payer and receiver, depending on the situation. An electronic check can also cut down on the time it takes to process a payment. Though for some it may be confusing to think about how electronic check processing works, it is actually a very simple process. There are three very important pieces of information on a check whenever any check is drafted. The first is the routing number, which shows the bank where the account is located. The second is the account number itself, which indicates the account the funds are to be drawn from. The third piece of information is the amount. While there are other pieces of information on a check, such as the date, name and address of the account holder, these are non-critical pieces of information. Once authorization has been obtained
Electronic check (ACH Payment) is the option of processing a check electronically via the web rather than writing a traditional check and mailing it to the Cashier. Please be advised that electronic checks issued from credit card companies, money market accounts, home equity or other lines of credit cannot be processed as an electronic check (ACH Payment).
An electronic check is an Internet transaction that enables a customer to automatically make payments from a checking or savings account. You will need a checking or savings account and valid routing and account numbers to use this option. Payments for service are automatically deducted from your checking or savings account on your billing date through the ACH (Automated Clearing House) system used by major banking systems today. This option works exactly like writing a personal check. Simply enter your checking or savings account information in the spaces provided on the registration form. This information is found along the bottom edge of your checks. You will need all of these numbers exactly as they appear for your account to sign up for electronic check payments. Please note that Juno charges an additional $2.
Electronic Checks are commomly known as Automated Clearing House (ACH) transfers and are used to debit and deposit money electronically in bank accounts. The Seller provides their banking information, including ABA Routing Number (the nine digit number to the lower right of the check) and the account number, and the funds are deposited electronically into the account of the Seller. Deposits with Electronic Checks (ACH) generally take up to three days, but because the time of delivery is eliminated, the Seller receives their funds sooner than traditional checks. ACH is only available to sellers with a United States bank account. There is a one time $10.00 preauthorization fee for this service.
