Who Is TeleCheck, And What Does It Do?
TeleCheck has been providing merchants and financial institutions with industry-leading check acceptance, check processing and risk analytics services for over 50 years. Thousands of businesses and financial institutions rely on us to safeguard them from check-related losses and fraud.
How Does TeleCheck Keep Customers Safe?
Fraud and identity theft are two of the most common crimes in the United States. Our dedicated team of experts assists merchants in accepting checks from customers in a safe and secure manner. This means that consumers are protected from unwarranted or criminal use of their checking account information whether they make transactions in person, online, or over the phone.
Thousands of shops and financial institutions use TeleCheck's industry-leading check acceptance, check processing, and risk analytics services. TeleCheck has been protecting businesses and financial institutions from check-related losses and fraud for nearly 40 years. Accepting checks has never been riskier; yet, with TeleCheck, shops may continue to take checks as a safe and secure payment option for in-store, online, and over-the-phone purchases.
What Is The Mechanism Behind TeleCheck?
When you deliver your check to the sales clerk, it is authorized using a specially built, secure TeleCheck system that records banking information as well as the check's value. You'll receive an electronic transaction receipt to sign once the check is authorized. You will receive a copy of the receipt as well as your check to retain after you sign it. The ECA receipt is comparable to a credit card slip in that it must be signed. By signing the receipt, you authorize TeleCheck to electronically present the check to your bank and deposit the monies into the business account.
When Will The Money Be Withdrawn From My Account?
An ECA transaction is presented to the bank in the same amount of time as a paper check, usually one to two business days.
How Will The Descriptor On My Bank Statement?
The ECA transaction appears alongside ATM transactions and direct deposit payroll checks on your bank statement. The date the check cleared your account, the check number, the amount, and the location where the check was presented will all appear on the transaction.
Are There Any Legal Over-Lookers Viewing TeleCheck Activity?
Regulation E, which covers all electronic processing, such as ATM and credit card transactions, applies to this electronic process. Check writers have 60 days from the posting date to contact the bank in the event of an error or disagreement, the same time window they have today with paper checks.