Send and Receive eChecks with Due's ePayments System
Use Due’s eCheck System for Business and Personal Payments
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All personal and financial data is encrypted and protected on Due’s secure servers for all eCheck transactions and follows all payment standards that have been established by financial institutions across the country.
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THE ULTIMATE GUIDE TO THE
In 1930, Albert Haddock received a bill from the British tax authorities for the sum of £57 and 10 shillings. That was a large sum of money in those days, and Haddock wasn’t happy about paying it. He made his feelings clearly known by writing a check with the words:
To the London and Literary Bank, Limited Pay the Collector of Taxes, who is no gentleman, or Order, the sum of fifty seven pounds £57/0/0 (and may he rot!) ALBERT HADDOCK
He wrote the words in red stencil on the side of a cow. He took the cow to the tax office, left it there and demanded a receipt.
Or he would have done, if the story had been true. In fact, the account was made up by the writer A.P. Herbert and has become an urban legend focusing on the flexibility of checks. After all, the material of the check is the least important aspect of it. More important is to whom it’s made out, the amount and the signature. Whether it’s written on a piece of paper or the side of a cow shouldn’t matter at all (unless you’re the one who has to process it).
That’s the principle behind eChecks. Although the use of paper checks has fallen by more than half since 2001, according to the Federal Reserve about 20 billion checks are still written every year, and together they have a value of more than $22 trillion. That’s more than four times the value of credit and debit card transactions combined. Despite the range of other payment systems available, from automated clearing houses to digital payment platforms like Due and peer-to-peer payment tools like Venmo, checks remain convenient, easy to understand and familiar. Both individuals and businesses continue to use them.
But maintaining a system based on paper is rapidly declining. A paper system is difficult to use and can be expensive. The data on paper checks have to be entered into computer systems, leaving room for occasional errors. They have to be transported and stored physically. They can take time to process, are open to forgery and theft, and leave long floats that create the potential for check kiting and other types of fraud.
In 1998, the Financial Services Technology Consortium began trailing the eCheck electronic payment system with America’s Department of the Treasury. Instead of using paper, an eCheck uses a computer file to convey much of the same information provided in a traditional check. The payer enters the name of the recipient and the amount. He or she uses a digital signature to provide authenticity, the checks are numbered to make them easy to trace, and the money comes directly from the payer’s bank account. The main difference, from the point of view of the payer, is that instead of putting the check in an envelope and entrusting it to the mail system or arranging a time and place to meet with the recipient (if they can find a recipient willing to accept checks), they send the file digitally and instantaneously through the Internet.
For the payee, placing the funds in their own account requires little more than pushing a button. There’s no need to endorse the check or pass it over the counter after driving to the bank and waiting in line.
Like paper checks, eChecks don’t provide guaranteed completion. They can bounce, they can be stopped, and they can be blocked by closed accounts and liens. For an additional fee, they can also be made more certain through the use of certified eChecks or a bank cashier’s eCheck.
eChecks retain at least some of the float familiar to paper checks. The float lasts from the time they are sent to the time they clear, and can be as long as three to four days. But as we’ll see in this report, an eCheck is faster, easier and much more convenient than paper checks.