Electronic checks have seen a surge in popularity these last few years, particularly in the realm of online gambling. Online casinos have begun accepting deposits made via this electronic payment system, giving users yet another reliable option to transact sums of money in a secure manner.
An eCheck is just like a paper check only in virtual form. The process of making a payment via eCheck is exactly the same as it would be with a traditional one. You will be required to put down your name, your bank account number, the sum you would like to transact, and whatever information the bank requires from you. Unlike most others payment methods, eChecks are not a new technology. Since the process of writing a paper check and sending an electronic one are the same, this system has been employed by the banks for a good number of years. At the time of this writing, eChecks have been around for two decades.
If you are considering using this online payment procedure then please have a look below, where we go over every aspect of using eChecks for depositing to and withdrawing from online casinos.
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Advantages and Disadvantages
Just like any other payment solution eChecks have their own inherent advantages and disadvantages. For your convenience, we have listed below all major aspects of this service that you should be aware of.
To begin with, anyone who has previously dealt with paper checks will know exactly how this process works. In truth, it is exactly the same. eChecks are one of the easiest payment solutions to utilize from a practical point of view, the only requirement being a bank that supports this feature. Whereas other services would require a registration and identity verification, the use of eChecks demands none of that. As you have already completed that process before when opening a bank account, all you have to do is enter your banking information and confirm the payment. The process is completely straightforward and requires no prior knowledge or beforehand preparation on your part. No other service can offer a procedure that is this straightforward and easy to utilize.
While some online casinos have begun accepting eChecks as a valid payment method, eWallets and credit cards remain the dominant way to transact money. The number of casinos that support eChecks is not that large, despite the fact that the obvious advantages of this payment solution. If this is the only way you would like to deposit and withdraw money you would be limited to only a few choices.
More Advantages and DisadvantagesThe thing about eChecks is that in order to use them, you would have to sacrifice your anonymity to a certain extent. Since your name and bank account number would be present on the form when you issue the deposit payment. The same can be said about the withdrawal process, as you would be required to enter that very same information into the form. Other payment solutions provide a similar service but also keep your identity relatively obscure. Players that place a lot of value on remaining anonymous online may want to direct their attention to a different payment service.
Another factor that you have to take into account when you wish to use eChecks is their availability. Naturally, each bank picks and chooses what services to offer to its customers. As we have mentioned above, electronic checks are nothing new to the world of online banking and with the passage of time new, more convenient and technological superior ways to transact money have emerged and have come to replace the checking service. The truth of the matter is that checks are becoming an obsolete way to transact money. As a result, many banks have ceased offering and processing payments via way of check. European countries have started to abandon check payments going as far back as 1993 when Finnish banks abandoned the check for the more modern gyro system, which was entirely electronic even back then. In other European countries check use is declining in favor of bank-to-bank transfers. The United States is the only Western country that is still reliant on checks for every-day transfers. While this might sound excellent for US players, you have to take into account the state of online gambling in the country. Currently, the online casino industry is a shadow of what it once was due to the Unlawful Internet Gambling Enforcement Act of 2006. There are only a handful of online casinos that are allowed to operate in US jurisdiction and even those are limited to certain states. Overall, the use of checks is declining in popularity in favor of more modern methods. Some online casinos still support this payment solution though those are few and far between.
While eChecks might sound excellent on paper, the reality of the situation is that not every bank supports the feature. Some banks have chosen to abandon this technology in favor of new and more advanced ones and since players are more likely to make a payment via credit or debit card online casinos, as well, have slowly supporting this transaction method.
Using eChecks for Gambling Purposes
At several online casinos, you have the option to deposit and withdraw via eCheck. At any online casino that supports this payment method, you will find the eCheck option on the Cashier page. There you will have to click on the eCheck option which will open a new window. There you will have to type in the name of your bank, enter your bank routing number and your bank account number, as well as the type of your account.
Following that, you will enter the sum that you wish to deposit or withdraw and confirm the transaction. Electronic checks are not as popular as other transaction methods so you might be hard pressed to find a website that still supports them. Arguably, the most popular online casinos accept a large number of deposit and withdrawal services, which will most likely include eChecks as well. The more obscure gambling websites are prone to stick to the ‘traditional’ methods of transacting money, e.g. eWallets, credit cards, wire transfers, and prepaid vouchers.
Fees for Gambling Purposes
Generally speaking, eChecks are one of the cheapest deposit methods that you can use. A typical eCheck payment will cost anywhere between $0.50 and $1.50. This is a relatively low cost when compared to other payment services, but still higher than those that have no cost at all. Still, the price you pay for each transaction is offset by the added security, as well as the simplicity and ease with which the payment is carried out. At some casinos you might be charged a commission fee of a few percent of the total sum, but that is not all that common nowadays.
Processing Times for Gambling Transactions
When you initiate a deposit via eCheck you are probably wondering how long it would take for the money to arrive and for you to start wagering it. Since the payment is done virtually it would take no time at all to receive the funds into your casino balance. As soon as you confirm the transaction the money should appear in your casino account and you can begin playing your favorite games. When it comes to depositing this is an excellent way to do it, since you have immediate access to your money. However, where withdrawals are concerned, it is an entirely different matter.
When you request to cash in your winnings the casino staff would have to first review your plays. This normally takes no more than 48 hours at worst and only after this process is complete will they send the payment. The transaction can take up to several days to clear as a normal check would. This is not a fault of the casino, but one of the banking systems. In case you were wondering, the casino does not also receive your deposits instantly.
However, it allows you to play on credit since it is certain that it will receive its payment. This one of the worst aspects of using eChecks – the days-long withdrawal times. Other services, such as eWallets, have been known to execute withdrawals within hours. Where processing times are concerned, eChecks rank along the same lines as wire transfers. If you are looking for a service that will process your funds quickly you might want to look at other online payment solutions.
Security at Online Casinos
When it comes to online payment solutions eChecks are perhaps the safest method. This method of payment goes directly through your bank’s network in order to be processed. This means that users get to enjoy the highest security level possible. Banks are not known for the futility of their security systems, rather the opposite, and they are presently the most secure financial institutions that you can count on.
When you send an electronic check there are several security layers that the transaction must pass through. The banks have excellent authentication systems that will prevent any unauthorized transactions, as well as encryption technology used to encode every piece of information sent via the Internet. Furthermore, since the eCheck service is provided by your bank and connected to your bank account you get to enjoy assurances that nothing will happen with your personal funds. In the event that someone does manage to gain access to your money, the bank is obligated by law to compensate you for your losses.
Furthermore, the online casinos also have security systems of their own, meant to protect any sensitive information that goes through their network. The most often implemented security system are the SSL – Secure Socket Layer – protocols, that encrypt all personal and banking information sent to the casino servers using 128- or 256-bit encryptions. This is state-of-the-art technology and has an excellent track record of keeping users’ information safe and away from the hands of any potential wrongdoers. The encryption these protocols use is incredibly strong and breaking it is practically impossible.
Security Additional TipsNaturally, you should not rely entirely on the security systems of the other parties to keep your information safe. After all, no security measure can protect you, if you yourself are not careful. The steps you can take to safeguard your data are relatively simple but highly effective. For starters, never share any of your banking information online with anyone. This way no one but you can access your bank accounts and use your funds.
Furthermore, always be mindful of using public networks. While it might be tempting to connect to a public router for free Wi-Fi, these networks are the primary target of hackers and other unauthorized people. It is best to use your own personal network, or if you simply must use a public one do so with a VPN active. The safety of your personal and banking information is of paramount importance and no amount of security is too much.
Can eChecks be used by anyone?
The eCheck service can be utilized by anyone who has an account with a bank that supports this feature. You are completely reliant on your bank to use eChecks. There are other online services such as eBay that support this type of transaction, but other than that there is not much of a choice.
Are eChecks better than wire transfers?
There is not much of a difference between these two services, except when it comes to transaction limits. Depending on which bank you have an account with you will have different limits as to how much money you can pay via check. In general, wire transfers allow for much higher sums of money to be moved at once. The one aspect in which eChecks are superior to wire transfers is in the processing times. A wire transfer can take up to a working week to clear, whereas eChecks are usually processed within a single working day. Obviously, you should weigh both services and decide which serves your needs better.
Do eChecks have an advantage over other online payment services?
eChecks are superior to other online transaction services in terms of security. There are no higher security systems than those of a bank. Furthermore, you have assurances by the bank that you will be reimbursed for any losses if any fraudulent activity takes place.
Is there any difference between paper checks and electronic checks?
Generally, the process of making a payment with either of them is exactly the same. However, the eCheck has several advantages over the paper version, in the sense that the transactions clear much faster. When an eCheck is issued it immediately enters the bank’s system and you can reasonably expect the transaction to be processed within one or two business days.
A paper check, however, requires that both parties be in the same location so that it can exchange hands. Furthermore, once you have a paper check, you would have to go to the appropriate bank, all of which can take several hours of your precious times, never mind travelling costs. If you cannot receive the check directly from the other person then it has to be mailed to you, which can take even more time. Overall, the eCheck is a convenient and secure way to send and receive money, without going out of your way to do so.
Can anyone send eChecks from my bank account without my permission?
It is not outside the realm of possibility, however, the likelihood of that happening is very slim. For starters, the other person would have to know a lot about your personal and banking information. This includes your bank account number, your bank routing number, the bank in question, as well as your name. Unless you are careless with this information, it would be nigh impossible for anyone else to learn this.
Additionally, the bank itself has a lot of security in place in order to avoid such situations. Bypassing that would be nothing short of a Herculean task. So, realistically, you have nothing to worry about. Even if something like this occurred, you can always report the transactions as fraud and have the bank refund your money. There are numerous consumer protection laws in place to prevent exactly such blunders from harming the users.
Can eChecks be used for other payments not related to online gambling?
The best thing about eChecks is that you can make any kind of transaction using them, as long the other party is willing to accept them. Generally, some services that provide online payments are limited when it comes to using them for purposes other than transacting money to an online casino. This makes them redundant if you were to lose an interest in gambling.
Some eWallets are readily accepted at online casinos and forex brokers, but as soon as you would like to buy something at an online store, you would find yourself in need of another payment method. Since checks have been around for decades, at this point, and are still regularly used, you can at least expect to use them in some situations, if not all. This is not something that every other service can boast, with the exception of credit cards.
Why was my payment by eCheck rejected?
There are a number of reasons why a payment might be rejected. It might mean that you do not have enough funds to cover the cost of the transaction, or that there is an internal problem with the bank’s system. There is also the possibility that the other party does not accept eChecks. To clear the issue, speak with the recipient of the payment or your bank.
Is a payment via eCheck difficult to issue?
Payments via eCheck are one of the easiest for consumers to make. Anyone who has ever written a paper check will already be familiar with the process. You would have to put down your name, bank account number, routing number and the sum that you wish to transact. No prior registration is required for the service since you are already in possession of a bank account. eChecks are entirely easy to use by consumers, very simplistic in nature as so easily understood, as well as very secure. You should experience little to no issues when transacting via eChecks.