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
- Wire TransferA fast, direct electronic transfer of funds between banks, often used for large or urgent payments and usually carrying a fee.
- Routing NumberA nine-digit code that identifies your bank so payments and transfers reach the right institution within the United States.
- Account NumberThe unique string of digits that identifies your specific account at a bank, paired with the routing number to direct transactions.
- ACH TransferAn electronic money movement between banks through the Automated Clearing House network, used for payroll, bill pay, and account transfers.
- Checking AccountA bank account built for everyday spending, letting you deposit money and pay for things with a debit card, checks, or transfers.
- IBAN (International Bank Account Number)A standardized account number format used in many countries to identify a specific account for international payments and transfers.
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Account ReconciliationAPR (Annual Percentage Rate)APY (Annual Percentage Yield)ATM (Automated Teller Machine)ATM FeeAuthorized User
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