Check Truncation

Magic-Wrighter stays active in new programs approved by NACHA. The Electronic Check Truncation system is one of the newest programs added to the overall services offered by Magic-Wrighter.

The Electronic Check Truncation program provides your business customers, who receive payments for service via the U.S. mail, Windows based software that reads the micr line at the bottom. of the check and converts the paper check into an electronic check.

By converting the consumer's paper check into an electronic e~Check your business customer can eliminate the manual steps required to process and post the consumer's payment.

The number of paper checks in your business customer's daily bank deposit is reduced, saving your business customer time and money. A reduction in processing paper checks through your proof operations will save your financial institution money.

Your business customer will benefit from the acceleration of funds clearing. Magic-Wrighter's Electronic Check Truncation system withdraws the consumer's payment and your business customer receives immediate credit for all e~Checks deposited.

The Electronic Check Truncation software informs your business customer of returned NSF and uncollectable payments in less than two business days after posting. In today's environment paper checks can take as long as two weeks to clear. E~Checks allows your business customer to discontinue services or start collection procedures many days sooner.

The Electronic Check Truncation system can automatically re-present returned NSF checks via Magic-Wrighter's Electronic Check Re-presentment program, saving your business customers even more money.

Your financial institution can benefit from the Electronic Check Truncation service by truncating consumer loan payments that are paid with checks drawn on foreign financial institutions. Your financial institution will receive the same benefits from the Electronic Check Truncation service that your business customers do.