preauthorized checks
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Preauthorized checks (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. The New York Times Financial Glossary … Financial and business terms
PAC — (1) See: planned amortization class (2) See: preauthorized checks * * * PAC UK US noun [C] POLITICS ► ABBREVIATION for political action committee: in the US, a private group that is organized to raise money to win support for something, or to… … Financial and business terms
Overdraft — I warn you, Sir! The discourtesy of this bank is beyond all limits. One word more and I I withdraw my overdraft! Cartoon from Punch Magazine Vol. 152, June 27, 1917 An overdraft occurs when money is withdrawn from a bank account and the… … Wikipedia
Bank — For other uses, see Bank (disambiguation). Banker and Bankers redirect here. For other uses, see Banker (disambiguation). Banking … Wikipedia
Demand draft — A demand draft A demand draft, also known as a remotely created check, a tele check, or check by phone, check by fax or echeck, is a check created by a merchant with a buyer s checking account number on it, but without the buyer s original… … Wikipedia
Automated Clearing House — (ACH) is the name of an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions which are originated in batches. Rules and regulations governing the ACH network are… … Wikipedia
