|
|
| | Suppose you’re at a store making a purchase and decide to pay by check—at least, that’s what you believe you’re doing.
The clerk asks you for a check that is completely filled out, partially filled out, or even blank. The clerk then runs the check through a machine and hands the voided check back to you with your receipt.
What just happened? Did you pay by check? Why did the clerk return the check to you? The answer is, you just experienced electronic check conversion. The funds were immediately withdrawn from your account.
The Federal Reserve System has prepared questions and answers to explain how electronic check conversion works and what your rights are as a consumer.
| |
|
|
|
|
|
|
 |
|
