Reading into your statements

6 Things to Know about ACH & Wire Transfers

You may think you already know what the differences are between ACH & Wire Transfers; well, let’s test that theory. Read on for our list of six things you should know about these money vehicles. Let’s start with a few basics. Wire Transfers Wire transfers take place moving funds from your bank account to deposit to someone else’s bank account (or vice versa) in a transaction that moves directly from bank-to-bank. Wire transfers generally take place within just a few minutes but sometimes may take a few days. The reason these types of transfers happen is because the banks have entered into an agreement to accept such transfers. The agreement sets out the rules for transferring and receiving the monies. A few of those rules are: The banks verify both bank accounts and the account holders. The banks verify the amount of money in each account to avoid charge backs….

Read Full Post