Electronic Check
Posted in Banking
define: Electronic Check
An electronically-duplicated check. For online purposes, all that is needed are the routing and account number from a paper check to recreate an electronic check. In retail stores, a paper check is converted by entering the necessary information in a software program. The paper check is then voided and discarded, and the customer’s bank account is debited for the purchase. Electronic checks are for one time only use. They are secure for the customer, and a faster, less expensive transaction for the vendor.
This definition is filed under Banking.
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