Automatic funds transfer

Automatic funds transfer

A transfer of funds from one account or investment vehicle to another using electronic or telecommunications technology.

Automatic Funds Transfer

A transaction in which a person moves money from one of her accounts to another over the Internet, telephone, or other electronic service. Automatic funds transfers are a convenient way to move money easily and conduct different transactions. There may or may not be a fee assessed to conduct an automatic funds transfer. See also: Direct deposit.
References in periodicals archive ?
New and renewing members from the states of Colorado, Virginia and Washington can now enroll in ACA's new Payroll Deduction Program, while Louisiana members may use automatic funds transfer through their Department of Corrections Credit Union.
RG&E can only include a customer's energy delivery charges in RG&E's Budget Billing program, but can enroll their entire billed amount in Online and Automatic Funds Transfer billing.
Contributions to ScholarShare accounts can be made by check, automatic funds transfer, or payroll deduction, with a minimum contribution amount of $25.
Parental online access to the account for automatic funds transfer and e-mail alerts.
Convenient payment options such as e-mail bill, electronic payment, automatic funds transfer and budget billing are also available.
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