Converting Paper Checks to Electronic Payments FAQs

Q: What happens to the paper check?
A: During the check conversion process, the paper check is copied, stored and destroyed. These steps ensure that the check cannot be used for any other purpose. The billing company keeps a copy of the check for two years.

Q: Can billing companies take extra money from a consumer's account using check conversion?
A: No.

Q: Can billing companies see how much money a consumer has in their account?
A: No. The only account information available to the company during the check conversion process is what is on the paper check.

Q: Where does a converted check show up on a consumer's account statement?
A: The check may appear in the same space as ATM withdrawals, debit card payments, and other electronic payments, or included in the check listing.

On our statements:
4141 External Withdrawal
Business Name (ACCT PYMT) Accounts
Receivable Entry SERIAL #: 4141

Note: The check number is not included in the Check Listing at the end of our statements.

Q: Can consumers get copies of their checks?
A: Consumers can obtain a copy of the check from the company to which they sent the check, but all of the relevant information will be on their account statement. The account statement is an accepted form of proof of payment.

Q: Can consumers put a stop payment on their checks?
A: Yes. As with a paper check, consumers can place a stop payment before the payment is posted to their account.

Q: Is the payment deducted from a consumer's account faster when a paper check is converted?
A: The payment may clear faster when a company has converted the paper check to an electronic transaction.

Q: Is check conversion safe?
A: Yes. Electronic payments have proven to be safer than using paper checks. Consumers gain financial privacy with electronic payments. The payment information is transferred through computers over a private network protected by encryption, message authentication codes and other security procedures.