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Preauthorized check

• Abbreviated PACs. Checks that are authorized by the payer in advance and are written either by the payee or by the payee's bank and then deposited in the payee's bank account.

• Abbreviated PAC. A check written by the payee against a customer's checking account for a previously agreed-upon amount. Because of prior legal authorization, the check does not require the customer's signature.

 
 Embedded terms in definition
 Pac
Payer
 
 Related Terms
 Depository transfer check
Preauthorized electronic debits
Treasurer's check

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