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What is an electronic check?

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xXJellyxBellyXx	What is an electronic check?		Lead	[-]
Posts: 546 05/29/2012 9:27 PM	I help manage a rental property for my parents and a renter said they sent the deposit by electronic check. Is that like making a deposit to my account? I'm confused bc he only knows my name and not anything about where I bank. Or is an electronic check something completely different?
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AeroSync9		#1	[url]	[-]
Posts: 16238 05/29/2012 9:28 PM	Is that the same thing as paying a bill online? I pay my car payment online and my bank sends an electronic check to the bank that holds my car loan.
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xXJellyxBellyXx		#2	[url]	[-]
Posts: 546 05/29/2012 9:36 PM	AeroSync9 wrote: Is that the same thing as paying a bill online? I pay my car payment online and my bank sends an electronic check to the bank that holds my car loan. I'm not sure if it's the same thing as paying a bill online. Our website isn't set up to accept money online yet so I'm wondering where the money is? He has my address and email and that's about it.
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swimfan		#3	[url]	[-]
Posts: 1213 05/29/2012 9:46 PM Jeah!	Definition of 'Electronic Check' A form of payment made via the internet that is designed to perform the same function as a conventional paper check. Because the check is in an electronic format, it can be processed in fewer steps and has more security features than a standard paper check. Security features provided by electronic checks include authentication, public key cryptography, digital signatures and encryption, among others. Also referred to as an "echeck". Read more: http://www.investopedia.c...ccheck.asp#ixzz1wJUPEG00
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xXJellyxBellyXx		#4	[url]	[-]
Posts: 546 05/29/2012 9:56 PM	Thanks swimfan! I feel like I would need to set something up first before being able to accept e-checks. I'll have to check into that, but thanks for the info.
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NancyOttawa		#5	[url]	[-]
Posts: 23765 05/30/2012 11:04 AM	I've received e-cheques when someone goes online to their bank site and can send an e-cheque to me that way by sending it to my email address. I then get a notification in my email. The person also has to send you the password. When you get the notification, you just open it up, put in the password, and the money should be deposited into your bank account immediately. Mind you we both banked with the same place, but different branches.
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Semirhage626		#6	[url]	[-]
Posts: 13963 05/30/2012 11:18 AM	My bank lets me send e-cheques to anyone as long as I have their address. If they aren't able to process the entire transaction electronically, the bank prints out an actual check and mails it to the person for me.
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What is an electronic check?

What is an electronic check?