

Understanding ACH and Wire Transfers
Interactive Video
•
Business
•
9th - 10th Grade
•
Practice Problem
•
Hard
Nancy Jackson
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does ACH stand for in the context of money transfers?
Automated Currency House
Automated Credit Handling
Automated Clearing House
Automated Cash Handling
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of ACH transfers?
Always requires a bank visit
Processed individually and immediately
Typically free or low-cost
Ideal for urgent international transactions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key advantage of wire transfers over ACH transfers?
Faster processing time
Processed in batches
No need for recipient details
Lower fees
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might someone choose an ACH transfer over a wire transfer?
To avoid providing recipient details
To save on costs
For urgent transactions
For sending money internationally
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential risk associated with wire transfers?
They are reversible
They require a physical visit to the bank
They are processed in batches
They can be costly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can ACH transfers impact your bank account balance visibility?
Funds leave the account immediately
Funds are deducted after a few days
Balance updates in real-time
Funds are never deducted
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What information is typically required to set up a wire transfer?
Recipient's home address
Recipient's bank account number and SWIFT code
Recipient's email address
Recipient's phone number
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