Abstract: A system and method for a payee to initiate at a point of sale an electronic funds transfer from an account of a payor to the account of the payee, comprising the steps of: obtaining from the payor the duplicate part of a completed two-part draft instrument comprising an original and a duplicate and having account identifying information printed thereon in machine-readable form, the original being configured for use as a conventional draft instrument, and the duplicate being configured for selective use as either a duplicate of the original, or as the originating document for an electronic funds transfer, said duplicate part of the draft instrument being completed by the payor to authorize the payee to present the check electronically so as to initiate an electronic funds transfer for the face amount of the instrument; scanning the instrument to electronically read the account identifying information; presenting the instrument electronically through an electronic clearing house network so as to initiate at th