CHECK CONVERSION Clause Samples
A Check Conversion clause authorizes the conversion of a paper check into an electronic payment. In practice, when a check is presented, the information from the check—such as the account and routing numbers—is used to create an electronic funds transfer, which is then processed through the banking system. This clause streamlines payment processing, reduces the risk of lost or stolen checks, and speeds up the availability of funds by leveraging electronic banking infrastructure.
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CHECK CONVERSION. If Resident(s) makes any payment by check, it may be converted into an electronic funds transfer (EFT). This means Landlord will copy the check and use the account information on it to electronically debit Resident(s)’s account for the amount of the check. The debit from Resident(s)’s account will usually occur within 24 hours, and may occur as early as the same day as Landlord receives payment. The debit will be shown on Resident(s)’s regular account statement. Resident(s) will not receive the original check back. Landlord will destroy your original check, but will keep a copy of it to the extent required by applicable laws. If the EFT cannot be processed for technical reasons, Resident(s) authorizes Landlord to process the copy in place of the original check. If the EFT cannot be completed because of insufficient funds, Landlord may require payment in certified funds as required by the Rent provision above.
CHECK CONVERSION. Sometimes a check that you write to a merchant or other payee may be converted into an electronic payment by that merchant or payee. Since an image of the check is not sent to us, we cannot provide you with a copy of your check. A check converted to an electronic payment will appear as an electronic debit on your statement. Check Legends, Restrictions, or Notations: We are not bound by any legends, restrictions or notations you place on any check you write, such as “Void after 6 months,” “Void over
CHECK CONVERSION. You may authorize a merchant or other payee to make a one-time electronic payment from your account using information from your check to pay for purchases or pay bills. The merchant or other payee uses the check information, along with the transaction amount, to initiate an ACH debit transaction. The transaction is electronically transferred through the ACH system and the funds will be debited directly from your account and deposited automatically into the merchant or payee's account. When information from your check is used to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment. A description of the transaction will appear on your statement from us.
CHECK CONVERSION. If Resident makes any payment by check, it may be converted into an electronic funds transfer (EFT). This means Landlord will copy the check and use the account information on it to electronically debit Resident’s account for the amount of the check. The debit from Resident’s account will usually occur within 24 hours, and may occur as early as the same day as Landlord receives payment. The debit will be shown on Resident’s regular account statement. Resident will not receive the original check back. Landlord will destroy your original check, but will keep a copy of it to the extent required by applicable laws. If the EFT cannot be processed for technical reasons, Resident authorizes Landlord to process the copy in place of the original check. If the EFT cannot be completed because of insufficient funds, Landlord may require payment in certified funds as required by the Rent provision above.