|
|
Post by woolybear on Dec 12, 2023 15:14:03 GMT
Can someone define, in very simple terms, what e-checks are? Is an e-check like how I pay my credit cards from my bank using the account number and routing number? The reason I'm asking is because a couple of web sites that I buy precious metals from offers a discount if I use e-check instead of the credit card.
|
|
|
|
Post by mzgarden on Dec 12, 2023 19:12:54 GMT
woolybear, not sure if this helps - from Investopedia.com link An electronic check is part of the larger electronic banking field and part of a subset of transactions referred to as electronic fund transfers (EFTs). This includes not only electronic checks but also other computerized banking functions such as ATM withdrawals and deposits, debit card transactions, and remote check depositing features. The transactions require the use of various computer and networking technologies to gain access to the relevant account data to perform the requested actions. Electronic checks were developed in response to the transactions that arose in the world of electronic commerce. Electronic checks can be used to make a payment for any transaction that a paper check can cover and are governed by the same laws that apply to paper checks. This was the first form of Internet-based payment used by the U.S. Treasury for making large online payments.
|
|
|
|
Post by Ozarks Tom on Dec 12, 2023 20:23:29 GMT
That's a pretty good description of what they are, now I'm wondering how a person handles transactions using e-checks. How does a person generate one, and how does the merchant cash it? mzgarden, Really glad you're getting some PMs. I hope you're taking physical possession of them. I've read some horror stories of people trying to take possession from some of these vendors that promise the PMs are in their vaults. |
|
|
|
Post by sunny225 on Dec 12, 2023 21:54:31 GMT
|
|
|
|
Post by woolybear on Dec 12, 2023 23:14:45 GMT
Sadly all my PMs were lost in the boating accident.
I think when I get some free time I'll try giving the PM company a call and see if they can explain the e-check thing for me. I'm all for saving 4% on my bill for not using a credit card.
|
|
|
|
Post by woolybear on Dec 12, 2023 23:18:06 GMT
Youtube for the win on explaining e-checks. Honestly is there nothing that youtube can't explain?
An example on how e-checks work
|
|
|
|
Post by FeralFerret on Dec 13, 2023 20:51:30 GMT
Many merchants have a machine similar to a credit card machine where they can just enter the routing number and account number of your checking account. It then performs an EFT (electronic funds transfer) similar to using a debit card. Apparently the machine providers take a smaller cut than the ones handling cards. Also one level of skimming instead of two with the card companies also getting a cut in addition to the machine company.
Some have it setup through their POS (point of sale) terminal software so no external machine is required.
|
|
|
|
Post by wildhorseluvr on Dec 13, 2023 21:51:57 GMT
]Some have it setup through their POS (point of sale) terminal software so no external machine is required. Good thing you clarified what POS stood for…I was thinking something else entirely. 😳 |
|
|
|
Post by FeralFerret on Dec 14, 2023 4:42:35 GMT
]Some have it setup through their POS (point of sale) terminal software so no external machine is required. Good thing you clarified what POS stood for…I was thinking something else entirely. 😳 I figured that somebody would be thinking piece of **** if I didn't explain it.  |
|
