Path: utzoo!utgpu!news-server.csri.toronto.edu!rpi!usc!cs.utexas.edu!uunet!dev8n.mdcbbs.com!campbell
From: campbell@dev8n.mdcbbs.com (Tim Campbell)
Newsgroups: comp.sys.ibm.pc.misc
Subject: Re: Electronic Funds Transfers and CheckFree
Message-ID: <1991Mar18.153558.1@dev8n.mdcbbs.com>
Date: 18 Mar 91 15:35:58 GMT
References: <3262@unccvax.uncc.edu>
Organization: McDonnell Douglas M&E, Cypress CA
Lines: 38
Nntp-Posting-Host: dev8n
Nntp-Posting-User: campbell

In article <3262@unccvax.uncc.edu>, cs00chs@unccvax.uncc.edu (charles spell) writes:
> 
> I was wondering, how many companies/banks accept EFT these days?
> It seems that the larger coperations (Visa, MasterCard, Utility Companies)
> and just about all banks accept them. What are your experiences with
> checkfree and EFTs?
> 
> uunet!mcnc!unccvax!cs00chs
> -- 

I was surprised to find out how many places (large institutions) still don't
accept them.  For example, even though my Visa card (Michigan National Bank)
does a lot of business with Checkfree, my payments to them still seem to go
as "electronic to check" drafts.  (they are EFT transactions which are printed
as checks and mailed via standard U.S. Mail. - they have to be processed as
regular checks once this happens)

You can still pay *anybody* with Checkfree - (I think you're NOT allowed to
pay your taxes or any money to a court (ie. a traffic ticket)) - I think this
is spelled out in the instructions.  I don't know why - probably some oddball
law somewhere.

Other than that - you can pay anyone - even regular individuals.  Checkfree
requires 4 days advance notice on any transaction.  They will then (as I 
understand it) attempt to send through a "dummy" transaction (it's like 
sending an EFT for $0.00 through) just to see if it makes it.  If not (the
transaction is rejected) they will print a draft (check) and mail it out
with enough time to deliver it without being late.

	-Tim

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	  In real life:  Tim Campbell - Electronic Data Systems Corp.
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