eCheck Canada – A Reference to Quick, Secure Online Casino Banking
For more than two and a half decades, the global online casino market has morphed, expanded and evolved into something few thought imaginable in the early to mid 1990s. Through all these years, two major questions have remained relevant. “Where to play?“, and “How to pay?“
The question of where to play has been answered, at least for those who take the time to heed its warnings. Any operator of moderate age, with reputable licensing and regulation, is worthy of your trust. As for payment methods, however, that landscape continues to shift,. That’s especially true in Canada, where provincial legislation has yet mature (except in Ontario).
In recent years, many former-favorite payment methods jumped ship. Neteller came and went, as did Skrill and a few others. Interac rose to the occasion, and has been a fine alternative ever since, but all this time, one payment option, exclusive to the Canadian market, has always been there, presenting local iGamers with a fast, safe and reliable way to deposit and withdrawal at online casinos. I’m referring, of course, to eChecks.
What are eChecks?
The term eCheck refers to an electronic cheque. It is similar to a paper cheque, except that the user electronically signs it. The same information found on a paper cheque is supplied when submitting an eCheck. This information includes the user’s name and the bank’s name, as well as the user’s and bank’s account numbers. The bank’s account number is commonly referred to as its Routing Number or Swift Code.
eChecks are instant, so long as the money is available in the user’s account. The moment an eCheck is submitted, information is sent back and forth between the merchant (online casino) and the user’s financial institution. The merchant asks of the money is available. The bank responds, yes or no. If yes, the money is deposited into the user’s online casino account instantly, even though it will be a few days before the transfer reaches the merchant’s account.
How are eChecks Safe?
If someone got hold of one of your paper cheques, they would not be able to use it without forging your signature. If someone did forge and use it, you would be able to contest it. When the signatures don’t match, the financial institution’s insurance covers the charges. An eCheck works similarly, but in an entirely digital way.
There are multiple variables that must line in order for a person to use an eCheck online. First and foremost, the name and address on the eCheck must exactly match that of the name/address the online casino account belongs to. And, it must match the name/address associated with the bank account from which the eCheck funds are being drawn. If any info doesn’t match, you’ll get an instant rejection notice.
This is why it’s so important to verify your identity when joining an online casino. Identity verification is not just an annoyance to deter players from cashing out. It’s for your own protection. It helps prevent anyone but you from making a payment in your name.
eCheck Canada for Online Casino Deposits
The eCheck payment option has been around for many, many years now – far longer than so many other payment methods that have come and gone like the changing of seasons. This particular banking option is exclusive to the Canadian market. It’s based on the EFT protocol; short for electronic fund transfer.
The benefits of eCheck casino deposits are many. Comparatively speaking, eChecks boast all the same benefits as these better known banking methods:
Web wallets are often preferred for their speed, but eChecks are just as fast. They produce instant deposits, For withdrawals, it can take 1-3 days before the money hits your bank.Bank transfers are noted for their immense security, with all funds being insured by the financial institution. eChecks are also facilitated by your bank, making them equally secure and insurable.Debit card transactions are preferred as a more cost efficient way to move money. They cost absolutely nothing. The same goes for eChecks; one of the few remaining ways to deposit and withdrawal for free.Prepaid vouchers and gift cards leave no trail of sensitive information behind. There’s no information for the casino to store and save for a later traction. eChecks follow the same security protocol, wherein facilitators dump the information after processing.
Are there any Negative Features of eChecks?
Yes, as with any payment method, there’s going to be a downside. In this case, there are two potential drawbacks to consider.
First, like a paper cheque, an eCheck can bounce if your bank account has insufficient funds. Due to EFT protocol, this is very unlikely. A payment should get rejected if there’s not enough money to cover it, but it can happen. Just be sure to double-check your account balance, and the amount you’ve typed into the payment form, before submitting. Insufficient fund fees can be costly!
Secondly, eChecks aren’t the most widely available payment method on the iGaming market. Because they are exclusive to the residents of Canada, only operators that are truly dedicated to serving players in our region will offer them. Even then, it’s about a 50/50 chance at availability. Fortunately, in our experience, the most reputable online casinos accepting Canadian players do support eCheck, including operators like Jackpot City and Royal Vegas.
Alternate Names for eCheck Casino Deposits
Not every online casino that takes eChecks calls them by this exact name. They can be found under a variety of titles, including these three most common names. If you see any of these payment options available, the operator qualifies as an eCheck Canada casino.