We are going to Discuss two MAIN types of transfers:
- Wire Transfer
- ACH (Automated Clearing House) Transfer
Starting with Wire Transfer
- Wire transfers are a fast way to send money between banks, and once sent, they are unlikely to be reversed. Because of this, banks often require additional verification before processing them.
To Wire Transfer you’ll need to swap the phone number on file to intercept any OTP
(one-time password) that is sent.
Fortunately banks like Wells Fargo allow you to change the number without verification (ensure you have mail access).
But most commonly banks make you enter OTP or call them.
Next is ACH Transfer
- ACH Push: Sending money from the log to the drop.
- ACH Pull: Pulling money from the log to the drop.
The type of ACH transfer you choose depends on the drop you have.
I normally go with Credit Unions based on that fact that they normally have lower security.
You need to obtain a log that can be linked to third-party sites like Yodlee, Mint, Empower, or Rocket Money without requiring verification. When someone refers to Plaid, Yodlee, or Finicity logs, they mean logs that can be accessed through these platforms without verification presumably if they are not raped.
