An automated system generally found in home banking where an account holder has the ability to pay recurring bills. For example, the member will enter the payment information of the merchant into the bill payment system, and the system sends a payment either monthly or a one-time payment. The financial institution sends either a debit or a paper check depending upon the merchant’s capabilities.
- Browse Related Terms: ATM Card, Automatic Bill Payment, Available Balance, Balance Transfer, Billing Error, Debit card, Electronic benefits transfer (EBT), Previous Balance, Residual interest
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