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Automatic Bill Payment

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Automatic Bill Payment
A service in which a bank allows an account holder to pay personal bills by transferring funds out of an account with an order made over the telephone. Automatic bill payment originated with savings and loan associations, which allowed customers to make these transfers out of savings accounts at a time when they were not allowed to offer checking accounts. See also: Electronic Funds Transfer.


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The new rules do not affect checks or automatic bill payments.
The new rules do not affect checks or automatic bill payments.
There is an important caveat to this new rule, however: it does not apply to checks or recurring debits, such as automatic bill payments.
 
 
 
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