Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
t-account. The traditional way to record a debit and credit in one account shaped like a T.. The long line is for the account name, the left column is the debit amount, and the right column is the credit amount.
Best Answer: T/T means telegraphic transfer, or simply wire transfer. It's the simplest and easiest payment method to use. T/T payment in advance is usually used when the sample and small quantity shipments are transported by air.s it's acknowledged, T/T payment in advance presents risk to the importer if the supplier is not an honest one. Letter of credit An irrevocable Letter of Credit is also an often used payment method.