Posts in Category: glossary

Automated Clearing House (ACH)

The term “automated clearing house” (or ACH) refers to an electronic clearing and settlement system for exchanging electronic credit and debit transactions among participating depository institutions; such electronic transactions are substitutes for paper checks and are typically used to make recurring payments such as payroll or loan payments. The Federal

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Bank Identification Number (BIN)

A “bank identification number” or “BIN” is the first 6-digits of an account number used by a prepaid debit card issuer to identify their institution. Different card networks use different BIN numbers. For example, the American Express account number range begins with “3”, the Visa account number range

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Automated Teller Machine (ATM)

An Automated Teller Machine (or “ATM”) is a machine that allows customers to conduct banking transactions anywhere, anytime. Many prepaid debit cards (including travel cards, teen cards, reloadable prepaid cards and non-reloadable prepaid cards) can be used at an ATM machine to access available funds (funds that were previously deposited

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