What You Should Know about Checks

by Elizabeth Murrow   The emergence of checks can be dated back from as far as the first century. The Romans were then believed to have used en early form of cheque known as praescriptiones. Several other banks in different countries soon issued their own form of checks. Originating from the ancient banking system, bankers then would issue orders at the request of their customers, to pay money to identified payees. Nowadays, the traditional paper check has evolved into a more convenient and reliable form – the electronic check. Almost all businesses accept check payments from their customers. Whether it be the traditional paper check, electronic check or I-check, businesses are now opening its doors to almost all kinds of payment methods. One good reason for this probably is because of the fact that the use of checks offer a lot of advantages. Checks nowadays are being processed more quickly. If you write a check, the money can be deducted from your account in the shortest span of time, unlike before. Of course, you need to make sure that you have sufficient funds on your account to avoid inconveniences. Do you notice any changes on your checking account statement? Checking account statements have already changed in the way that the items of purchase or transaction are listed. It is still the same but just do check the statement if all of it was valid and authorized by you. Moreover, you may or may not get a canceled check back. This option depends on the bank you are dealing with. If they do return a canceled check, be prepared if they ask you for a charge fee. Banks charge different fees or no fee at all depending on the transaction. As mentioned above, there is now a new form of check that has been increasingly conquering the business world. Some banks no longer send paper checks to receive payment. Instead, they send these payments electronically. With the help of the federal law also known as Check 21, banks are now having an easy time transferring check images electronically instead of physically transferring it. Original checks are replaced with substitute checks which looks exactly the same way as a paper check, including the front and the back image. Substitute checks can be used and processed the same way as the original check. The electronic check is the electronic transfer of funds from one account to another. Checks can be electronically converted to be used as a form of payment. Your check is used as the source of information to perform an electronic fund transfer. Electronic check conversion are bound by certain rights everytime you use it during a transaction. With all the recent developments of checks nowadays, it wouldn't be a wonder if there would be more. (Elizabeth Murrow currently works for a payment processing solution company. Being in the business for quite a long time now, she has been continuously sharing her knowledge through various lectures and blogging, including <a href="http://allaboutecheck.wordpress.com/">http://allaboutecheck.wordpress.com</a> and http://www.echeckprocessing.biz. Born and raised in California, Elizabeth now lives in Australia with her husband and two kids. She likes to travel during her free time.)

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