Archive for the ‘Checking Accounts’ Category

Float A Check…Not Anymore!

Saturday, March 3rd, 2007

Consumers need to be aware of this since this could save you money or it could cost you money in the future. Retailers can now process your personal checks electronically so they now clear much faster than in the past. Its call B.O.C. and it stands for “Back Office Conversion.”

It’s based off the ACH network, which is used for payroll direct deposit transactions. Personal checks are now scanned and converted into an electronic format that can be transferred to a bank via phone lines and processed quickly. This transfer is not as quick as a debit transaction but if you pay by check today you can (more…)