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Bureau of Financial Institutions
OTHER PFR AGENCIES
Electronic check conversion is a process in which your check is used as a source of information to make a one-time electronic payment from your account. The check number, account number, and the number that identifies your financial institution will be used to complete an electronic funds transfer. The check itself is not the method of payment, it is only used to obtain account information.
If you don't want your check to be used for electronic check conversion, you may have to provide another form of payment (for example, cash, debit card, or credit card).
At least three days before the date of the scheduled electronic transfer, notify your financial institution that you wish to place a stop payment on this transfer. You will need to know the exact dollar amount. (If done orally, the financial institution may request written confirmation). Check your contract with the health club, you may still owe them money if you agreed to a long term membership or promised to give them an agreed upon notice (30 days, 60 days, etc.) prior to termination.
Its official name is the Check Clearing in the Twenty-First Century Act. It enables a more electronic check collection system for the country. This takes some of the costs and delays of paper processing and transportation out of the check clearing system. It does not require financial institution to change the way they collect checks. However, it gives them a new option, and in doing so it does require institutions, and their customers, to accept paper reproductions of their original checks. It may decrease the time it takes for a check to clear your account and makes deposited funds available sooner.
Last Updated: March 24, 2014
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