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How do e-checks work?
May 17, 2023
Q. Can anyone explain how e-checks work? We are trying to do away with printing checks and I was told that adding e-checks would be a solution.
A.
(Answered by the IOFM Advisory Panel)
We don’t use E-checks, just ACH payments, and we are running into vendors charging a fee for ACH payments. They stated that their bank charged them for ACH payment deposit, and they are passing it on to us. We have two vendors so far that just started doing it. So far, it’s been a minimum of $38 or more per ACH…
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