Treasury Paper Check Conversion

What is paper check conversion?

Paper check conversion is the process of converting checks that customers present to the Eastern Finance Branch (EFB) into electronic funds transfer. Electronic funds transfer is the term used to refer to the process in which we electronically instruct your financial institution to transfer funds from your account to our account, rather than processing your check. Your check is copied and the account information from your check is used to make an electronic funds transfer from your account for the amount of the check. You will not receive your check back. The EFB staff will destroy your original check and keep a copy of it. If the electronic funds transfer cannot be processed for technical reasons, you authorize us to process the copy in place of your original check.

How quickly will funds be transferred from my account?

The electronic funds transfer from your account will usually occur within 24 hours upon receipt of your check, which is faster than a check is normally processed. Therefore, you should be sure that there are sufficient funds available in your checking account when you present your check. If the electronic funds transfer cannot be completed because there are insufficient funds in your account, we may try to make the transfer up to two more times.

Will the electronic funds transfer appear on my account statement?

The electronic funds transfer from your account will be on the account statement that you receive from your financial institution. However, the transfer may be in a different place on your statement than the place where your checks normally appear. For example, it may appear under "other withdrawals" or "other transactions."

What if there is a problem with the electronic funds transfer?

You should contact your financial institution immediately if you believe that the electronic funds transfer reported on your account statement was not properly authorized or is otherwise incorrect. Consumers have protections under a Federal law called the Electronic Funds Transfer Act for an unauthorized or incorrect electronic funds transfer.

Privacy Act

Privacy Act - A Privacy Act Statement required by 5 U.S.C. § 552a(e)(3) stating our authority for soliciting and collection the information from your check, and explaining the purposes and routine uses which will be made of your check information, is available from the internet site at http://www.cftc.gov/foia/foiprivacyact.htm to obtain a copy by mail. Furnishing the check information is voluntary, but a decision not to do so may require you to make payment by some other method.