Part 1: What is ACH Transfer, How Do ACH Payments Work, Different Types of ACH Transfers, Cost of ACH Payments Part 2: Advantages of ACH Transfers, Disadvantages of ACH Payments, Alternatives to ACH Transfers Introduction to ACH Transfer for Kids and Teens This video explains the concept of ACH transfer in a simple, concise …
We’ve talked about banks, but I heard about something called an online bank. Is it just another fancy name for online banking? Online banking is the ability to view your account activity, pay bills, transfer funds, deposit checks into your bank account, etc using the internet, either from a computer or a mobile device. Most …
What is a digital wallet? A digital wallet is an app that is an electronic version of your wallet – it stores information about your credit cards and bank accounts in electronic form on your phone. It can also store your driver’s license, health insurance card and other ID documents, as well as your …
We have talked about home equity loan and home equity Line of Credit or HELOC in the past. But can you please quickly summarize these for me? Both home equity loan and home equity Line of Credit let you borrow against your home equity. Both could give you access to a large amount of …
What is a safe deposit box? A safe deposit box is a container—normally a metal box—that you rent from a bank or a credit union to store important documents and valuables. It is kept in the bank’s vault, and is also known as safety deposit box. Why is a safe deposit box needed? Even …
We have talked about checks before. But I’ve heard about something called check clearing. What is check clearing? Check clearing is the process through which money moves from one account to another when the payment has been made by writing a check – the amount is taken or debited from the check writer’s bank, …
Part 1: What is Wire Transfer, How it Works, Types of Wire Transfers, Their Cost Part 2: Pros & Cons of Wire Transfers, Alternatives to Wire Transfers Introduction to Wire Transfers for Kids and Teens This video explains the concept of a wire transfer in a simple, concise way for kids and beginners. It could …
I was trying to set up a direct deposit, and it required a routing number. But what is a routing number? Routing number is a nine-digit number that is used to identify a bank or credit union in the United States. It makes transactions faster, and reduces the chances of error especially if two …
In the past, we have talked about banks and credit unions. But they sound very similar. Can you please help me understand them better? Both banks and credit unions are financial institutions that help people with their basic financial needs – they accept deposits, provide loans, offer checking and savings accounts, credit cards, etc. So …
We’ve talked about banks. But I recently read about an investment bank. But what is an investment bank anyway? An investment bank is a specialized type of bank that performs large and complex financial transactions, usually for other companies or governments. What does an investment bank do? An investment bank helps companies raise money …