Definitions for "Automatic transfer"
A pre-authorized transfer that moves funds from one account to another within the institution automatically. Automatic transfers are scheduled to be made on the same day of the month; for example, the 1st and the 15th of every month.
An arrangement authorized by an account holder whereby regular amounts are withdrawn from one account and deposited in another. · See Also · Automatic Payment
An arrangement that moves funds from one account to another automatically on a pre-arranged schedule; for example, every payday or once a month.