Automatic transfer service
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Automatic transfer service (ATS) account
A depositor's saving account from which funds may be transferred automatically to the same depositor's checking account to cover a check written or to maintain a minimum balance.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Automatic Transfer Service
A service at a bank in which funds transfer from an account holder's savings account to his/her checking account when he/she makes a withdrawal that would otherwise result in an overdraft. For example, if there is $450 in one's checking account and one writes a check for $500, an automatic transfer service would transfer $50 to the checking from the savings account to cover the check.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved