A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Routing NumberA nine-digit code that identifies your bank so payments and transfers reach the right institution within the United States.
- Direct DepositAn electronic payment, such as a paycheck or benefit, sent straight into your bank account instead of arriving as a paper check.
- ACH TransferAn electronic money movement between banks through the Automated Clearing House network, used for payroll, bill pay, and account transfers.
- Wire TransferA fast, direct electronic transfer of funds between banks, often used for large or urgent payments and usually carrying a fee.
- CheckA written, dated order instructing your bank to pay a specific amount from your account to the person or business named on it.
- Checking AccountA bank account built for everyday spending, letting you deposit money and pay for things with a debit card, checks, or transfers.
More in Banking
Account ReconciliationAPR (Annual Percentage Rate)APY (Annual Percentage Yield)ATM (Automated Teller Machine)ATM FeeAuthorized User
Plain-English education — not personalized legal, tax, or investment advice.