This means a set payment amount is automatically taken out of your account every month on the day specified.
This aspect of a loan agreement sets up a predetermined amount that will be automatically taken from your account on a specific day each month.
An arrangement authorized by an account holder whereby regular payments are withdrawn from that account. · See Also · Direct Debit
An arrangement that authorizes payments to be deducted automatically from a bank account (usually checking or savings) to pay bills (such as insurance payments, rent, mortgage or loan payments). Payments are usually scheduled to be made on a certain day of the month.
If you have a savings or checking account with the same bank that issues your card, you may be able to automatically transfer money from your bank account to pay a credit card bill. Automatic payment eliminates the risk of paying a bill late and being assessed a late charge.
An agreement that authorizes the payment of bills such as loans, insurance, rent, or mortgages to be deducted automatically from a bank account. Payments are usually scheduled to be made on a certain day of the month.
An arrangement that authorises periodic withdrawals to be made from a checking or savings account to pay bills, usually regular monthly payments such as for rent or mortgages
An agreement giving authorization to various companys or lenders to make specified withdrawals from a person's bank account to make payments towards bills or loans. For example, regular monthly payments such as car or mortgage payments can be set up to automatically be withdrawn from your account each month or as specified in your authorization agreement.