Automatic Transfer Of Funds

  

Categories: Banking

This term describes a standing banking arrangement where funds from one account are regularly transferred to another account.

This could represent an automatic transfer of $5 from your checking account to your savings account every Friday. Or it could be a $20 allowance transferred from your mom’s checking account to your checking account every two weeks. Or it could be the $1.2 million transferred every pay period into the payroll account of a medium-sized industrial firm.

Also known as ATS, this arrangement is regular and periodic.

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Finance: What are Misappropriation, misr...0 Views

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