An eCheck, also known as an electronic cheque, is similar to a conventional paper cheque. However, eChecks are sent and processed digitally.
An eCheck is a type of EFT (Electronic Funds Transfer). This is why some sites refer to eChecks as EFTs, or vice versa. However, EFT is more of an umbrella term. Therefore, any type of payment made electronically can be referred to as an EFT.
Some other names for eChecks include:
Sending an eCheck
To send an eCheck, you must have a chequing account. This is because eChecks send money directly from your bank account to the online casino’s bank account.
Money sent via an eCheck takes approximately 24 to 48 hours to verify. Once verified, it takes between 3 and 6 business days for the money transfer to be completed.
An Automated Clearing House (ACH) network is used to process eChecks.
This is why eChecks are not instant. The ACH initiates eChecks, and other EFTs, in batches. Therefore, your money doesn’t move until a batch of several EFTs is ready to be processed.
Here’s how an eCheck works:
Benefits of eChecks
There are several advantages to using eChecks to transfer money. These benefits include:
Drawbacks of eChecks
As with any payment method, eChecks also have some disadvantages. Drawbacks of using eChecks include:
Using an eCheck to transfer funds online is safe. This is thanks to encryption and secure web pages.
The ACH network that is used to transfer your funds uses strong encryption to keep transactions safe.
Encryption is a process that changes original information into an altered form. Therefore, anyone who is not authorized cannot decode the information. Once the information gets to its final destination it’s changed back to its original format.
When transferring money online always look for a small lock symbol beside the website URL. This guarantees that the webpage you’re on uses SSL (Secure Socket Layer) encryption.
Verifying that you are on a secure webpage before sending an eCheck, or any other EFT, will help to protect your information.
Looking for the best eCheck casinos? The following online casinos allow Canadians to use eCheck as a payment method.
To deposit money into your online casino account using an eCheck, follow these steps:
You can also use eChecks to cash out. To withdraw money from your online casino account, follow these steps:
eChecks are electronic cheques. eChecks can be used to make payments online just like e-Transfers, credit cards, and other EFTs.
Like a paper cheque, an eCheck is linked to your chequing account. Therefore, you must have a valid chequing account to use this payment method.
eChecks work by sending money over an Automated Clearing House (ACH) network. This network uses encryption to protect your personal and baking information.
First, you authorize the payment. Then the funds are sent over the ACH network. The funds leave your financial institution and arrive at the online casino’s financial institution (or vice versa). Finally, your bank or credit union withdraws the money from your account and the online casino’s bank deposits the amount into their account.
It can take between 24 and 48 hours for an eCheck to be verified. After this, it will take 3 to 6 business days for the deposit or withdrawal to be complete.