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The Auto Draft Payment service automatically drafts your scheduled payment from your bank account.
What is auto draft usage?
Auto-draft bills Auto-drafting bills are when you set up periodic payments or transfers from your credit card or your bank to pay your bills, tuition, phone, cable, mortgage, utilities or other payments. This payment is deducted on a set day, recurring every month. This removes the need for manual payment of this bill.
What is an automated bank draft?
Authorize a one-time electronic transfer of funds from your bank account.
What is a bank auto draft?
Automatic Bank Draft is a free service that pays your bill amount directly from your bank account each month.
How do you set up a bank draft?
How do I get a bank draft? Go to your financial institution. For businesses, some institutions accept emailed or faxed orders for bank drafts. The bank teller will withdraw the money from your account and transfer it to one of the banks accounts. They will then prepare the draft and give it to you.
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Automatic payments are made with either a checking account or credit card, and in most cases, youll do this with the creditor or vendor directly, but it can also be done directly from your bank. When done with a credit card, automatic payments act simply as a recurring charge on your account.
What does it mean when a payment drafts?
A draft is used when the payee wants a highly secure form of payment. The bank can safely issue this guarantee because it immediately debits the payers account for the amount of the check, and therefore has no risk. In effect, the required funds have been set aside by the bank.
How do I automatically pay someone every month?
Automatic payments are made with either a checking account or credit card, and in most cases, youll do this with the creditor or vendor directly, but it can also be done directly from your bank. When done with a credit card, automatic payments act simply as a recurring charge on your account.
What is monthly auto draft?
Automatic Bank Draft is a service that allows you to automatically pay your monthly water bill using your checking account, but without writing checks.
What does it mean when a payment drafts?
A draft is used when the payee wants a highly secure form of payment. The bank can safely issue this guarantee because it immediately debits the payers account for the amount of the check, and therefore has no risk. In effect, the required funds have been set aside by the bank.
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