eChecks have been increasing in popularity in recent years, with more and more stores simply running your check like a debit card and handing it back as your receipt. But starting tomorrow, stores will have a new way to clear checks electronically, “Back-Office Conversion.” It allows banks to send digital scans of your check rather than the actual check, and it will clear in hours, not days.
This won’t happen over night, but it looks like the days of counting on having a few days before your check clears are over.
I guess the bigger news here is that people still use checks. I assumed the only thing checks were good for these days is the few financial payments that still won’t let you set up a direct debit online.
[via Consumer Law & Policy]