Wire Transfer vs. ACH: What's the Difference and When to Use Each
Warren Team
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Key terms
- Balance TransferMoving debt from one credit card to another, typically to take advantage of a lower interest rate. Often includes a balance transfer fee of 3-5% of the transferred amount.
- Balance Transfer FeeA fee charged for transferring debt from one credit card to another, typically 3-5% of the transferred amount. A $5,000 transfer with a 3% fee costs $150.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
- Trustee-to-Trustee TransferA direct transfer of retirement funds between financial institutions where you never take possession of the money. This method avoids mandatory withholding and the 60-day rollover deadline, making it the safest way to move retirement assets.
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