Commercial banks accept deposits and provide loans for profit. Name derives from Italian "banco" meaning desk during Renaissance. Banking activity traces back to ancient times
ACH is an electronic network for processing payments between financial institutions. Managed by NACHA, connected to 11,000 financial institutions. Enables fast, secure, and cost-effective online payments
ACH transfers enable electronic fund movement between financial institutions. ACH credit transfers push funds from one account to another. ACH debit transfers withdraw funds from one account. Common uses include direct deposits, bill payments, and company-to-company transfers
ACH is an electronic payments system managed by Nacha since 1974. Trillions of dollars move between bank accounts daily through ACH network. Network processes payments 23 hours daily with four settlement times
Direct deposit is electronic bank account transfer without physical checks. Funds transfer through automated clearing house (ACH) network. Recipients provide banking information or voided check. Setup takes a few days, funds clear automatically
Wire transfer is electronic fund transfer between banks worldwide. Requires recipient's name, account number, and payment information. Settles electronically without physical cash exchange