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
- ACH TransferAn electronic money movement between banks through the Automated Clearing House network, used for payroll, bill pay, and account transfers.
- 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.
- SWIFT CodeAn international bank identifier code used to route money correctly during wire transfers across borders and between countries.
- Checking AccountA bank account built for everyday spending, letting you deposit money and pay for things with a debit card, checks, or transfers.
- Direct DepositAn electronic payment, such as a paycheck or benefit, sent straight into your bank account instead of arriving as a paper check.
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