4 Money Transfer Apps To Use When You Need Something Faster Than A Paper Check
Posted by Checkbook on Jul 23, 2019
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Automated Clearing House (ACH) payments are a widely used form of electronic money transfer in the United States. An ACH credit payment involves funds being transferred into a bank account as opposed to ACH Debit which is used to pull funds out of a bank account. Third party payment processors typically use a clearing bank which originates ACH transactions for the processor To complete a payment from one entity to another the processors' bank will act as the ODFI (Originating Depository Financial Institution ) and send an ACH Debit to pull funds out of the Payor's account. It will then create an ACH Credit transaction to push funds into the Payee/Receiver's account
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