Notice To Employees And Customers Making Payments To DOL By Check

The Department of Labor is transitioning from a bank lockbox system to a Paper Check Conversion (PCC) process in handling all administrative checks submitted to OASAM.

PCC converts paper checks into electronic debits to a check writer's account. Since the PCC process is automated, the collections and reporting process is more efficient. In other words PCC coverts paper checks into electronic funds (EFT) debit transactions. EFT is the term used to refer to the process in which we electronically instruct your financial institution to transfer funds from your account to the DOL account, rather than processing your check.

If you are presenting a check in person to the Chicago OASAM office, your check will be converted into an electronic fund transfer. When you hand your completed, signed check to OASAM, your check will be copied.The account information from your check will be used to make an electronic fund transfer from your account in the amount of the check. OASAM will void the check and return it to you.

If you mail us your check to make your payment, your check will be converted into an electronic fund transfer. By sending your completed, signed check to us, you authorize us to copy your check and to use the account information from your check to make an electronic fund transfer from your account for the same amount as the check. If the electronic fund transfer cannot be processed for technical reasons, you authorize us to process the copy of your check.

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

The electronic fund transfer from your account will be on the account statement 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." You will not receive your original check back from your financial institution. For security reasons we will destroy your original check, but we will keep a copy of the check for recordkeeping purposes.

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

Paper Check Conversion - Frequently Asked Questions (FAQs)

What is point-of-purchase check conversion?

Point-of-purchase check conversion is the process of converting checks that customers present to cashiers into electronic fund transfers. "Electronic fund 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. When you hand a check to the cashier, your check is copied and the account information from your check is used to make an electronic fund transfer from your account. The cashier can void your check and return it to you. This DOL web notice authorizes the conversion of your check into an electronic fund transfer in this manner.

How quickly will funds be transferred from my account?

The electronic fund 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 or mail your check. If the electronic fund transfer cannot be completed because there are insufficient funds in your account, we may represent the check up to two more times.

Will the electronic fund transfer appear on my account statement?

The electronic fund 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 fund transfer?

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

What if the electronic fund transfer cannot be processed?

In rare instances, an electronic fund transfer cannot be processed for reasons other than insufficient funds. In these cases, we will process the copy of your original check. Different rights apply to the processing of the copy of the check than apply to an electronic fund transfer. More detailed information about this process is available at the following internet site: http://www.pccotc.gov/.