Electronic Check Conversion Law and Legal Definition
Electronic check conversion is a process by which check is used as source of information of a customers account. It provides information as to the check number, the account number, and the number identifying financial institution. The purpose is to make a one-time electronic payment from an account. Information enables an electronic fund transfer. Paper checks are converted to electronic checks and send to receiving bank through automated clearing house. Merchants are benefited through electronic check conversion. The quickness of the electronic format eliminates all of the time spent waiting for a traditional paper check to clear. Additionally, electronic checks are always processed before paper checks.
Legal Definition list
- Electronic Check
- Electronic Chattel Paper
- Electronic Bulletin Boards
- Electronic Bonanza-Style Bingo Game
- Electronic Benefits Transfer
- Electronic Check Conversion
- Electronic Commerce
- Electronic Communication
- Electronic Communication Service
- Electronic Communication Service Provider
- Electronic Communications Privacy Act [ ECPA]
