Automatic bill payment
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- A checkless system for paying recurring bills with one authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document to pay the cable bill each month. The necessary debits and credits are made through an Automated Clearing House (ACH).
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Automated Clearing House (ACH), Debit, Debit Card, Personal Identification Number (PIN), Preauthorized payment, Signature card