BANKING 101: Lets Review Checks, ACHs and Wire Transfers

What is a wire transfer vs ach? What exactly is a check?

We will explore typical banking payment methods with most corporate checking accounts. This video reviews the pros and cons of the following banking payment methods:

0:00 Introduction
0:28 Basics
1:12 What is a Check?
3:53 ACH Payments Explained
6:23 Wire Payments Explained
8:17 What information do you need to process a payment?

This video describes the 3 primary banking payment methods to transfer money. This is applicable to individuals, small business and corporations. #bankingpaymentmethods #check #ach #wire

Banking Payment Methods

1) Check - a negotiable instrument that directs a bank to move money between bank accounts
2) ACH (automated clearing house) payments - transfers money electronically from one bank account to another bank account also known as a EFT (electronic funds transfer)
3) Wire - same day transfer of money that's from one bank account to another bank account

Also, check out:

FRAUDULENT CHECKS - this is how YOU can identify them!

Limited Liability Companies for Beginners - use this as a starting point!

(PB Long Video 6)