Common use of Electronic Check Conversion Clause in Contracts

Electronic Check Conversion. There may be times that you make a purchase of an item from a retailer either in person or over the telephone. There may be times that you make loan payments over the telephone. The retailer or the company that you are making the payment to will ask you for certain information that appears on one of your checks, including the name of the Credit Union, the check number, and the encoded numbers at the bottom of your check. The retailer or the company that you are making your payment to will then withdraw the authorized funds from your Checking Account. This process is known as an "Electronic Check Conversion." Electronic Check Conversions are transactions that are regulated by the Electronic Funds Transfer Act.

Electronic Check Conversion. There may be times that you make a purchase of an item from a retailer either in person or over the telephone. There may be times that you make loan payments over the telephone. The retailer or the company that you are making the payment to will ask you for certain information that appears on one of your checks, including the name of the Credit Unioncredit union, the check number, and the encoded numbers at the bottom of your check. The retailer or the company that you are making your payment to will then withdraw the authorized funds from your Checking Account. This process is known as an "Electronic Check Conversion." Electronic Check Conversions are transactions that are regulated by the Electronic Funds Transfer Act.

Electronic Check Conversion. There may be times that you make a purchase of an item from a retailer either in person or over the telephone. There may be times that you make loan payments over the telephone. The retailer or the company that you are making the payment to will ask you for certain information that appears on one of your checks, including the name of the Credit Unioncredit union, the check number, and the encoded numbers at the bottom of your check. The retailer or the company that you are making your payment to will then withdraw the authorized funds from your Checking Accountchecking account. This process is known as an "Electronic Check Conversion." Electronic Check Conversions are transactions that are regulated by the Electronic Funds Transfer Act.