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Preauthorized electronic debits

• Abbreviated PADs. Debits to its bank account in advance by the payer. The payer's bank sends payment to the payee's bank through the ACH Automated Clearing House (ACH) system.

 
 Embedded terms in definition
 Ach
Automated clearing house
Clearing
Its
Payer
 
 Related Terms
 Ach automated clearinghouse debits
Electronic data gathering, analysis, and retrieval
Electronic data interchange
Electronic depository transfers
Electronic trading
Preauthorized check

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What to Know Before Declaring Your Financial Independence: Twenty-somethings may not realize it, but every time they enter a new phase of their life as young adults - perhaps starting college, a career or a family - they're also venturing into a new world of money management. Here are ways to be prepared. More...

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