Method and system for using an electronic check system

In general, the invention relates to a method for transferring funds. The method includes receiving a request to initiate a secure fund transfer, where the request specifies a sender, a recipient, and an amount of funds to transfer from the sender to the recipient. The method further includes sending a request to verify that an account associated with the sender comprises at least the amount of funds to be transferred, receiving notification that the account comprises at least the amount of funds to be transferred, requesting a reservation of funds in the account corresponding to the amount of funds to be transferred, receiving notification of the reservation, notifying the recipient that the amount of funds to be transferred is reserved, initiating a transfer of funds, to the recipient, in the amount of the reserved funds, and receiving acknowledgment that the transfer of the funds is complete.