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Pampered Chef: Electronic checks?

  1. ivykeep

    ivykeep Advanced Member Gold Member

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    Any idea what the bit about the electronic transfers on the order forms:

    Is there some other way to handle check payments other than taking them to my bank?
     
    Nov 7, 2009
    #1
  2. NooraK

    NooraK Legend Member Gold Member

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    My best guess would be that it's there because all banks can now process checks electronically, and I think the law says we're supposed to let the customer know.
     
    Last edited: Nov 7, 2009
    Nov 7, 2009
    #2
  3. cathyskitchen

    cathyskitchen Senior Member Gold Member

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    Noora's right - it has nothing to do with how we cash or deposit people's checks - it's how the banks "electronically" transfer the cash from the customer's account to ours, and it's to let them know that they can't "float" checks like they used to (it used to take 3-5 days to clear, now it can happen instantly).
     
  4. esavvymom

    esavvymom Legend Member Staff Member

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    Actually, I always thought it meant that so many stores/retailers now can turn your check into an electronic check -basically like using your debit card. They hit your account right then and there instead of having to process it through a bank. You might as well be using a debit card. I've seen vendors at the mall do this with my check...they scan it through a machine....then stamp it and hand it right back to me! I thought, well, shoot, I could have saved a check and given you a debit card!

    So I'd imagine they are doing the same thing when they receive payments via check. They aren't going to process them through the bank channels so your bank may not get it back. (Like any bank does THAT anymore anyway? mine are scanned at one bank, and I'm just out of luck at the other. I have to pay for digital copies).
     
    Nov 8, 2009
    #4
  5. cathyskitchen

    cathyskitchen Senior Member Gold Member

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    Yep, that's correct, Bobbi. Except for us, we don't have those fancy "scanners", so it'll turn into an "electronic check" when we deposit it or cash it at our bank. There is no longer a waiting period for a "check to clear".
     
  6. jwpamp

    jwpamp Veteran Member

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    Wouldn't it be cool if sometime in the future we could simply enter their info on PP3 and they take it out of their bank for us? Wow, no more bounced checks....hooray!!

    Ok, wishful thinking!
     
    Nov 8, 2009
    #6
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