eChecks have been around for over 20 years and managed to survive and stay popular online payment method due to their strong security measures. The method is famous for having lower processing fees than many other payment methods, which makes it suitable for depositing and withdrawing large amounts of money.
Many online casino players gladly use eChecks as their preferred payment method when playing online games for real money, as the method allows their bank details to remain private.
Furthermore, the safety of the transactions plays a significant role because, with eChecks, players can rely on the bank’s verification network to keep both valuable information and their money safe.
In this article, I will cover all vital characteristics of the eCheck payment method and its use in the online gaming industry.
Best eCheck Casinos
What is an eCheck?
An eCheck is the electronic version of a paper check used as a payment method across Canada. In the online casino industry, eChecks represent electronic money transfers from the players’ bank account to a certain online casino. On its way to the casino, money has to pass through the ACH network.
These electronic checks for quite some time have been one of the favourite payment methods for Canadians, as they are safer and cheaper than some other popular payment methods
How does the eCheck casino payment process work?
eCheck casino payments mirror the process of paper cheques but are done electronically and thus much quicker
1) Player authorizes the transaction – in the case of making a deposit at an online casino this means going to the banking section/module, then clicking on eCheck and inputting the data required
2) Following authorization, the payment info is sent to an online payment processor, normally a gateway such as PayPal or specialized payment processor.
3) The payment information is submitted over the clearing network by the processor
4) The payment is taken from the player’s checking account, the payment gateway then sends receipt of payment to the player’s email account with the funds then deposited into the casino’s account after both bank accounts have ‘cleared ‘ the funds
Just like a paper check the funds are not automatically deposited into your casino player account as the echeck payment needs to be cleared by both your bank and the casino’s bank
How eCheck Differs From Other Deposit Methods
eCheck vs Wire Transfer
With wire transfers, money travels directly from one bank account to another with no one in between. However, the larger the transfer amount, the higher the fees tied to a transaction.
Some banks charge more than others for such transactions, as they decide on the fees independently from one another. And in case you need an international wire transfer, get ready to spend a substantial amount of money on the fees.
One more thing characteristic of wire transfers is that the process, once started, cannot be reversed. Also, if there’s a mistake about any details regarding a wire transfer, it will take a long time to sort out the issue.
eCheck vs. Credit Cards
The main difference between eChecks and Credit Cards is in processing transactions. Both methods have a middleman controlling the transactions. While Credit Cards have a larger network for this job, eCheck uses ACH to transfer funds. This gives eCheck more points, as it automatically lowers the processing fees.
Namely, whatever amount of money you transfer via eCheck, you only pay fees to your bank and own nothing for the transaction as such. This probably doesn’t mean much for some smaller transactions, but for businesses that transfer large amounts of money, it definitely makes a difference.
What are the advantages of depositing at an eCheck online casino?
There are a number of good reasons to use an eCheck casino depending upon your personal banking preferences
1) Robust Banking Infrastructure: Regulations governing eChecks are based upon cheque laws and thus offer the same consumer protections – such as stop payments as paper checks but in electronic form. You get a digital trance of your checks
2) Security and Privacy: eChecks employs state of the art digital security techniques to ensure the complete security of your checking bank details online. Methods used include:
- Authentication
- Public key Labcryptography
- Digital signatures
- Certificate authorities
- Duplicate detection
- Encryption
3) Set Up Ease: Unlike an e-wallet such as Neteller which needs to be set up and a user/password created etc, or a pre-paid card such as Paysafe which needs to be purchased everyone has a checking / current account. All you need to make a deposit at an online casino accepting echeck is your checking bank account details
How to Use eCheck in Online Casinos?
The eCheck contains the same information as the paper cheque — the name of the bank, bank number, account number, and routing number. All the information is typed in the empty fields on the virtual check that can be found in the casino banking sections.
Once you initiate the deposit, the funds will be moved from your bank account to the casino’s bank account by a particular payment gateway. Of course, the transaction won’t be instant since the eCheck needs to be cleared by both banks.
Online casinos in Canada provide the eCheck payment method to meet players’ expectations. The process itself is simple and can also be done on the go via a downloadable mobile app. However, the deposit and withdrawal processes differ slightly and are presented in detail below.
How to Make a Deposit Using eChecks
To be able to make a deposit via the eCheck, you must first open a bank account. Once this is done, you can start the process of depositing money to an online casino. Here is a whole process in a nutshell:
- Head to the cashier — Log into a casino of your choice, go to the cashier option and select Deposit.
- Select eCheck — Choose eCheck as the payment method and enter the amount you would like to deposit.
- Provide your details — On the next page, fill in your eCheck with the necessary bank details. Enter the amount you want to deposit and make sure it meets the casino’s minimum deposit requirements.
- Confirm the issuing of funds — The casino will contact your bank which will then ask you to confirm the transaction.
- Check your casino account balance — After your bank issues an eCheck to the casino, the funds should be in your casino account in 1–3 working days.
How to Withdraw From a Casino Using eChecks
Online casinos want to make sure that the withdrawal process is smooth and easy. If you have some winnings you would like to withdraw via eCheck, follow these simple steps:
- Head to the cashier — Once you have winnings to cash out, go to the cashier section at the online casino and select Withdrawals.
- Select eCheck — Choose eCheck as the payment method and enter the amount you’re looking to transfer.
- Verify your details — For your first withdrawal, you will need to input your bank details. Make sure your information is true and accurate. Also, have in mind that the withdrawal request must comply with Terms and Conditions the casino runs by.
- Withdraw your funds — When the transaction is over, your funds will appear on your bank account. The processing of the transaction depends on the casino and the bank but usually takes no longer than 3 days.
Are There Any Fees/Deposit Limits When Using eCheck?
eCheck has certain deposit and withdrawal limits just like all the other payment methods. However, every online casino today has the authority to decide on the minimum deposit, as well as maximum payouts.
The minimum amount players can deposit using the eCheck payment method is 20 CAD in most casinos. When it comes to a maximum withdrawal, it is usually capped at 2,000 CAD.
Yet, the best way to get the right information about the eCheck deposit and withdrawal limits is to find it on a casino’s Terms and Conditions page. Another way is to contact customer service and ask them everything you want to know about their casino and eCheck.
Talking about fees, eCheck can get an award for the payment method with the lowest fees ever. All the fees you need to pay are imposed by your bank, and usually so small you won’t even notice them.
Pros and Cons of Using eCheck in Online Casinos
Although eCheck is far from being the perfect online casino payment method, it does have a few advantages that deserve to be highlighted.
Pros
- Security — eCheck is one of the most secure casino payment options. You have your bank guarding both your privacy and your money, as well as the ACH network overlooking the transactions.
- Low fees — With eCheck transactions, the fees are almost nonexistent. If you need to pay for any fees, they will come from your bank and never from eCheck or a casino.
- Ease to use — You can initiate an eCheck payment easily either through your desktop computer or your mobile phone. Filling out the details takes only a few minutes, and you can save the information so that you don’t need to type it in every time.
Cons
- Not available in every casino — eCheck is a little bit outdated in the online casino industry. Nowadays, casinos often exclude checks from their list of available payment methods, so finding a good online casino that accepts eChecks could be tricky.
- Slow payouts — Although everything is cheap and safe, the transaction can take up to three working days. Compared to some e-wallets on the market, this is very slow for the electronic money transfer.
Why Use eChecks at Online Casinos?
eCheck is a great payment method for players who value safety and low fees. Your bank protects your funds according to strict policy, and transfers go directly from your account to a casino. On its way to the casino, the transaction is overseen by the ACH network that keeps everything in order.
So, if you plan on depositing more money to a casino and you don’t mind waiting a day or two to start playing or withdraw possible winnings, eCheck might be the right payment option for you.
Bottom Line on eCheck Casinos
If you don’t have or don’t want to set up an e-wallet, or don’t want to provide your credit card details online to your chosen casino then eCheck can neatly fit your banking needs. It offers one of the safest and secure payment methods whilst being very simple to use, you just need your basic checking bank account details.
Common eCheck FAQs
How long does it take for an electronic cheque to clear the bank?
The echeck clearing process does vary from bank to bank but generally, funds are verified within 24 and 48 hours of
How long does it take for an ACH to go through?
Transactions should take no longer than one business day, but some financial institutions may take as long as three days to transfer money.
Are my details safe?
You can rest assured that your details will be protected. The encryption implemented by your bank guarantees safety on one side, while an industry-regulated check verification system ensures the protection on the other end of the transfer process.
Are there fees involved?
The only fees you should worry about are the ones imposed by your bank. When it comes to eChecks as a payment method, there are no additional fees.
Are eChecks accepted at all online casinos?
Unfortunately, not every casino on the Canadian market has incorporated eCheck in the list of available payment methods. View our list above for eCheck accepted casinos
Author: Tom Wilson
Chief editor and creator, Tom drives the direction of CanadianCasinos.ca with the goal to provide the best and most honest resource for online gambling enthusiasts in Canada