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Automatic Transfer
A process in which funds are automatically moved between accounts. In personal banking, it can be used to transfer money or make payments.
More Details
An automatic transfer is a pre-authorized movement of funds from one account to another. It occurs at regular intervals, such as weekly or monthly, and is usually set up by the account holder to ensure timely payments or savings contributions.
Example
To save for a dream vacation, you set up a recurring automatic transfer to move a fixed amount of money from your checking account to a savings account specifically designated to that trip.
Related Terms
Apple Pay
A mobile payment and digital wallet service that allows users to make payments using their Apple device.
Equity
The value of an asset or liability minus any outstanding debt associated with it. Equity is the ownership interest that a person has in an asset.
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.