Which of the following best describes an ACH transfer of funds between two separate banking institutions?
A) Both accounts are verified and funds are quickly available.
B) Both accounts are not verified and funds are quickly available.
C) Both accounts are verified but funds may take several days to be available.
D) Both accounts are not verified and funds may take several days to be available.

Question

Quizplus · Accepted Answer

ACH transfers involve two different banking institutions, but since both accounts are not verified, a few extra days are needed for funds to be available. Wire transfers occur between two separate banking institutions in which both accounts are verified, so funds are available quickly.

Which of the Following Best Describes an ACH Transfer of Funds