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You may recently have noticed that many merchants are converting your written checks into electronic checks.  These electronic checks clear through the ACH system - the same system by which you receive direct deposit. 

• Electronic checks provide security - account information is not seen by anyone once the check is turned into an electronic payment. 
• Electronic checks give peace of mind - Federal regulations give extra protection for electronic payments. 
• Electronic checks are convenient - more information appears on your checking account statement, such as the name of the company to whom you wrote the check.

Merchants, such as a retail store or your doctor's office, will make a copy of the check for their records and destroy the check.  The check or check image will not come back with your statement.  You will need to request a copy of the check from the merchant. 

How this may affect your Middlesex Savings Bank checking account reconciliation:
Paper checks appear in the "Checks in Order" section of your Middlesex Savings Bank statement.  Electronic checks appear in the "Non-Check Transaction" section.  The merchant name will be listed, however the check number may or may not be referenced. 

When you call our SmartAccess24 Telephone Banking system at 1-800-424-2424 to listen to your cleared checks, you will hear electronic checks listed as payments when you select the option for "Last Ten Non-Check Withdrawals".  Electronic checks will not be listed if the option for "Last Ten Checks Paid" is selected.

What can be used for proof of payment?
The IRS established in the 1970s that the listing on the account statement serves as proof of payment.

Who can you file complaints with? 
You can contact the Federal Trade Commission (FTC) at www.ftc.gov or 1-877-FTC-HELP (1-877-382-4357).

For more information, please visit the following sites:

http://www.ftc.gov/bcp/conline/pubs/credit/echeck.htm

http://www.federalreserve.gov/pubs/checkconv/default.htm

http://www.electronic-check.org/