Electronic Check

Not a fun thing if it refers to a procedure taking place at a proctologist’s office (we’re picturing something roughly the size and shape of a cattle prod). But an electronic check is a pleasant convenience when we’re talking finance.

Also known as an e-check, an electronic check replaces the old-fashioned paper type. It includes the same information as a conventional check (your name, the amount of the payment, the appropriate routing number, the account number, etc.). It allows you to send money over the Internet, moving it from your bank account to the account of the party you're trying to pay.