Bank Archives | Cheqly

What Is a Bank Identification Number and Why Is It Important?

by Cheqly team | June 17, 2025 | Bank Identification Number

In this digitally evolving world, we can observe a shift toward the globalization of payments and different forms of business and work-related interactions. For that reason, efficiency, security, and precision are critical factors in B2B payments. Closely related to these secure financial operations, one of the most effective but unnoticed factors is the Bank Identification … Continued

Automatic Bill Payment: How It Works and Why It’s Beneficial

by Cheqly team | February 11, 2025 | Automatic Bill Payment

Keeping track of bills is never easy, and failing to pay the bills on time may bring penalties. Worry not; Automatic Bill Payment will be your savior. So, what does it exactly mean? An automatic bill payment refers to a financial arrangement in which funds are automatically deducted from a bank account and used to … Continued

Wire Transfer vs Bank Transfer: What’s the Difference?

by Cheqly team | January 3, 2025 | Bank Transfer , Wire Transfer

Bank wire transfers and international bank transfers are safe methods of sending money, but they are slow and expensive, though reliable. They have a lot in common, but they are also quite different. For instance, one is automatic, while the other necessitates intermediary institutions. While it can be feasible to dispute funds in one structure, … Continued

Understanding How AML Fraud Detection Works

by Cheqly team | December 24, 2024 | AML Fraud Detection

The current business environment is characterized by a significant increase in the number of fraud incidents. This surge affects consumers as well as their operations. First of all, it is crucial to understand the main concepts of these protective measures so that financial offences can be fought effectively. This article will help readers understand better … Continued

FDIC vs. NCUA Insurance: What’s the Difference?

by Cheqly team | December 6, 2024 | FDIC Insurance , NCUA Insurance

The National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corporation (FDIC) are separate federal organizations that provide deposit insurance to their members. The FDIC usually protects bank deposits up to $250,000, with some exceptions; the NCUA offers similar protection but for credit unions instead of banks. FDIC or NCUA member institutions provide this … Continued