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ACH payments can be reversed, but only in limited circumstances.Apps and P2P payment tools: Several payment tools allow you to send money by tapping into your bank account indirectly.But usually, if somebody asks for a “bank wire,” they want the traditional bank-to-bank transfer.Otherwise, a money transfer service or another type of electronic payment might be acceptable.However, if you fund those transfers from your bank account, the process will take at least several days.And if you use your credit card for a money transfer, you’ll pay extra fees.It’s best to send a wire directly from your checking account.
To wire money, just submit instructions to your bank.You can keep your identity from individuals and businesses to some degree, but law enforcement generally has the ability to find you. The main risk is that you send money, the thief withdraws cash (or wires it to a different account, possibly overseas), and you don't realize you've been scammed until it's too late to recover the funds.If somebody asks you to wire funds, think carefully about who you're sending to.Cleared funds: Because the money moves quickly, the recipient should not have to wait for funds to clear before claiming or using the money.In other words, there is usually no hold placed on money received via wire transfer.
Hackers can alter emails (even from people you've been working with for several weeks) and instruct you to send money to the wrong place.