ACH payments are electronic payments that go through the Automated Clearing House (ACH) Network. Funds move from one bank account to another with the help of a centralized system that directs funds to their final destination. The ACH network facilitates electronic money transfers and automatic payments between more than 10,000 banks and financial institutions. Direct deposits,…
Business and bank closures associated with the COVID-19 pandemic have significantly disrupted the supply chain and normal circulation patterns for U.S. coins. While there is an adequate overall amount of coins in the economy, the slowed pace of circulation has reduced available inventories in some areas of the country. The Federal Reserve is working with…
To break it down, APY, or Annual Percentage Yield, is the interest you earn on money stored in a savings account, while APR, or Annual Percentage Rate, is the interest you owe when you borrow from the bank. It’s important to know the difference between these two key terms as they impact your finances, especially when investing or taking…
