Conversion Deposit means a deposit that is deemed to have been made by virtue of section 12 of the Loan (Income Equalization Deposits) Act 1976; Sample 1.
What is an electronically converted check?
Electronic check conversion is a process where your check is used as a source of information — for the check number, your account number, and the number that identifies your financial institution. The information is then used to make a one-time electronic payment from your account — an electronic fund transfer.
What is a converted ACH payment?
By Jennifer VanBaren. An automated clearing house (ACH conversion occurs when checks written are cleared electronically through the ACH, allowing checks to clear immediately.
How does an ACH payment work?
ACH transfers are electronic, bank-to-bank money transfers processed through the Automated Clearing House Network. ... Direct payments involve money going out of an account, including bill payments or when you send money to someone else. ACH transfers are convenient, quick, and often free.