Echeck Online Gambling Sites
An eCheck is a relatively new deposit option for many online casinos, and for people in many regions in the world it will revolutionize the way that they interact with virtual websites. This article will explain what an eCheck is, how it is used for casino deposits, and which websites accept this form of payment
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What is an eCheck?
An eCheck is identical in almost every way to a normal check, except that is sent electronically. Financial institutions have used this method of payment between their various branches for almost two decades now, and it was an instant improvement over traditional methods because it eliminated the need to wait on mail to be delivered. By taking a traditional check and delivering it over the Internet, banks were able to start their processing methods much sooner. Not only did this allow them to collect interest from the account holder’s money a few days earlier, but it also drastically reduced instances of fraud and other crimes.
The eCheck was not designed to be used for transactions between businesses though, because there was little benefit for it in the early 1990′s. Very few consumers would have even considered making a purchase online back then and there were several other services with faster processing times for everything else. For example, there are no hold times on money orders or cashier checks within the same country, so consumers could often pay their bills quicker by using one of these methods.
How does an eCheck benefit the casino industry?
Many regions have legislation in place that prevents consumers from using their banks to directly transfer money to casinos. This includes using debit cards, making wire transfers, or any other service that would put the bank directly in contact with the gaming establishment. Patrons were still free to purchase money orders or certified checks for their gaming needs, but since many of their favorite casinos were in different countries the mail was ridiculously slow. Since it was international, there was also a hold placed on these guaranteed forms of payment (sometimes up to 10 days). Overall, it could take weeks for customers to see their deposit processed…which was exactly what their government was hoping for.
An eCheck simplifies that process because the transaction details are delivered instantly. That means if you wanted to send someone money on the other side of the world, they would know in seconds that the money is on its way. Now, it still may take two or three days for the transaction to fully clear, but the money is guaranteed to be delivered so the seller does not have to worry about the terms changing.
The best gambling sites will release funds to a player’s account as soon as they see that the transaction has been implemented, even though they do not have the money in hand yet. Another big plus is that sending eChecks is by far the most secure way to send money in the world today; all of the account information stays completely encrypted throughout the entire process.
How do I send an eCheck?
To send an eCheck, a person only has to have some type of checking account. From there, all they have to do is log into their casino of choice and search for the eCheck option. If it is available, a routing number and an account number will be entered (these are the digits along the bottom of a regular check) and the eCheck will be processed as soon as some personal information is verified. The entire process will take less than a minute for someone who is computer literate.
It is important to note, however, that the funds may remain in the user’s account for several days after the transaction has taken place. This means that the funds are verified by the bank before the transaction takes place but a hold is not placed against them, so it is entirely possible to accidentally remove these funds and run into some problems. Since many businesses grant credit for an eCheck immediately, banks will pay the amount owed regardless of whether or not the funds are available. In many regions, taking money from an account that has already issued an eCheck can be considered a criminal offense. Likewise, a stop payment can be placed on some eChecks, but charges would likely be filed in all regions if a product or service was already received by the consumer.
Can I receive money through an eCheck?
Yes, and currently it is by far the fastest way to receive money from a casino. Once an eCheck account is setup with a gaming website, money can be sent and received electronically. This process takes an average of 2-3 business days to complete, but many financial institutions will give immediate access to the money once they receive the transfer notice. Others will wait until the eCheck physically arrives to post money in a user’s account, so it is probably a good idea to contact your bank for details.
What if I do not have a checking account?
Most financial institutions throughout the world have some form of free checking for their clients. As long as you do not have an outstanding balance with another bank, an account can be created in minutes. In fact, some branches even allow consumers to open an account over the telephone or the internet. Just be sure to ask if that particular bank has any restrictions on minimum account balances, number of monthly transactions, or any other miscellaneous fees.
What are the best eCheck Casinos?
In all honesty, if a casino accepts eChecks and gives instant credit, then there is little difference between them in regards to completing the transaction. The list below is of the top eCheck casinos in terms of customer satisfaction, security, and overall payouts.
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