ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ACH
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Fedwire
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Debit Track
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ATM
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Detailed explanation-1: -ACH stands for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers. Also known as “direct payments, ” ACH payments are a way to transfer money from one bank account to another without using paper checks, credit card networks, wire transfers, or cash.
Detailed explanation-2: -The Automated Clearing House (ACH) is the primary system that agencies use for electronic funds transfer (EFT). With ACH, funds are electronically deposited in financial institutions, and payments are made online.
Detailed explanation-3: -ACH Processing Examples: Direct deposit from an employer (your paycheck) Paying bills with a bank account. Transferring funds from one bank account to another (Venmo, PayPal, etc.) Sending a payment to the IRS online.
Detailed explanation-4: -What is an E payment system? An electronic payment system is a means of making payments online without the use of cash. It can be done using credit cards, debit cards, e-wallets, bank transfers and so on.