From the course: Build Your Financial Literacy
Join today to access over 24,000 courses taught by industry experts.
ACH transfer
From the course: Build Your Financial Literacy
ACH transfer
- If you've ever sent money to a friend using Venmo, or if you've been paid using direct deposit, you've used an ACH transfer. But if I had to guess, I'd say you might have never even heard this term. An ACH transfer is a basic component of banking. Specifically, an ACH transfer is an electronic bank to bank money transfer that is processed through the Automated Clearing House Network. In simpler terms, it's a way to move money between accounts at different banks electronically. This type of bank transfer enables you to send or receive money conveniently and securely. So if you're paid via direct deposit from your work, that's an ACH transfer of funds from your work's bank account to your bank account. If you pay your bills online, you are using an ACH transfer to pay funds from your bank account to that company's bank account. You can also use an ACH transfer to make single or recurring deposits into a college…
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.