Frag is a video game term originating from the word fragging, a term indicating to kill an unpopular superior officer with a fragmentation grenade.
The transaction will appear on the customerâs bank statement as a debit, not a check. The merchant uploads the captured check information to their payment provider for processing, and the proceeds are deposited into the merchantâs account within 1 to 2 business days. The process is similar for a check that is mailed in payment of a bill, except the check is retained by the merchant after it is voided.
The reason for the hold is that the banks want to make sure that they receive the money from the other bank before you spend it all. It can take up to two weeks and occasionally longer for the check to go through the proper clearinghouses and for the funds to actually transfer to your account.