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.

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