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Author: Ash The Great

What is Direct Debit?

What is direct debit? It is an arrangement with an account provider where the account provider is given authorization to automatically debit a customer’s account. Authorization is given for the account provider to debit a customer’s account so the funds may be transferred to another account. An account provider may be an online bank, a money company, a traditional bank or a credit union. A direct debit gives authorization for another account to request an amount from your account, and that amount is paid automatically. Direct debits are more common in Europe. Most people in the USA do not...

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What is a ACH Check Conversion?

What is a ACH Check Conversion? Have you ever paid for a transaction with a check, but then you have reviewed the code on your statement and it appears to have been paid from your account electronically? This sort of thing happens from time to time and there are numerous ways your checks may be converted into electronic payment/transaction items. In general, if your check is converted, it will be converted through an Automated Clearing House (ACH) network, which is the most common way that money is digitally moved in the USA. In this article on, “What is a...

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What is a Wire Transfer?

So, what is a wire transfer? A wire transfer is one of the fastest ways of sending money electronically, but it is often the most expensive way of sending money electronically. In its basic form, it is a direct transfer of funds from one account provider to another account provider. An account provider may be a money company, it may be a bank, and it may be a credit union. What Is A Wire Transfer And How Is It Sent? When one account provider sends money to another account provider, it sends the money directly and the transaction is...

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What Is A Certified Check?

What Is A Certified Check? A legitimate certified check is as good as cash. It is as good as handing over cash if you have a non-fraudulent certified check in your hands. When a certified check is created, the issuing bank verifies that the account holder has enough money in his or her account to cover the check. The bank will set the funds required to pay the check aside. They put the money aside so that the account holder cannot use or spend the money, so that there is definitely money in the account to cover the certified...

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