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As Federal Checks Disappear, Banks Face Surge in ACH Payments and Rising Fraud Risks

Finextra

About half of all federal checks by volume are for IRS tax refunds, with the rest primarily used for federal benefit payments such as Social Security and income support programs. Federal paper check usage remains concentrated in a few key areas.

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ACH Payment vs Wire Transfer Similarities and Differences: How to Choose Between ACH vs Wire

Stax

Automated Clearing House (House) is the transfer of funds between an electronic network (known as ACH network) made up of banks, credit unions, and other 10,000+ financial institutions. These financial institutions all follow ACH rules and regulations by the National Automated Clearinghouse Association (Nacha).