Receiving Broker Payment via EFS Check?

you can deposit it to you checking account. But first you need to call to EFS and get the confirmation code. Write that code on EFS check and give it to bank's teller. No fee. Or you can use it in truck stops for fuel.

 

I had one broker pay me with an EFS check and it sucked. My bank held onto it for 10 days before releasing the money into my account. Never again.

 

Yep that's what happens with me, I normally tell the broker I will send you an invoice, you send me a check and it has to be a company check. I had a broker send me a personal check and when we went to cash it, my bank refused to. They didn't say exactly why to the girl who I sent there with it but I have a feeling because it was a large amount.

 

I had one broker outfit pay me with EFS. I won’t do it again. What a joke. Broker split it into two EFS checks and Truckstop charged me a fee on both. I couldn’t take to local bank because I was on the road for a couple weeks. I lost way too many dollars and time fooling with that crap.

 

How big are the fees on the efs checks these days, I do bpt recall them being any more than comchek or any other money transfer system.
As far as depositing in the bank and having a hold on them, banks do that on regular checks too. You can make arrangements with your bank to where the money is accredited to your account on the day it is deposited, I have done this with several banks, if you get something they can't collect on they take it out when he time come.