Credit cards are not fast enough. Cash is not fast enough, either. And when it comes to writing a check? Forget about it! Electronic transfer of funds is virtually instantaneous, and without question the fastest way to move money around.
It doesn’t matter if you are paying or getting paid, using electronic transfer is the only way to go.
What is an Electronic Transfer?
In essence, this is a way to directly move money between banks and accounts without using wire transfer, paper checks, or cash. It is a way to coordinate regular payments, including debits, between all participating financial institutions.
That does not mean that all banks and credit unions use electronic transfer. Many institutions have their own processes and procedures, and don’t rely on automated clearing houses or other kinds of e-transfer.
If you choose, you can also set up your account to make regular payments on your behalf. This means you don’t even need to remember to make an E-payment, it cant run automatically!
Is the Same as a Wire Transfer?
It is very similar, yes, except for one HUGE difference: wire transfers charge you a fee every time you move money.
The New Cash
Since our entire world runs on computers, tablets, and phones now, e-currency is quickly replacing cash as the lifeblood of the world economy.
Paper money hasn’t been backed by the U.S. gold standard in decades, so while some people still think of it as “real” money it is no more real than the account summary on the banking app in your phone.
The electronic transfer is the modern age version of exchanging cash with each other. Except that it is so much faster than cash, and you don’t have to worry about ruining it if it goes through the wash!