Whats the difference between ACH, EFT & Wire Transfer payments?
ACH is automatic clearing house. This is used mostly when people get direct deposit into their checking/savings account from their employer when they get paid. There is no fee to receive direct deposit. Wire Transfer on the other hand is a bank to bank transfer using the Federal Reserve System. Both the sending bank and receiving bank will charge fees for this service. EFT is just another was of saying ACH where funds are automaticall pulled from your account.- Mostly this is used when paying a bill over the phone.
