Automatic Bill Payment Law and Legal Definition
Automatic bill payment is a check less automated system used for paying recurring bills. For automatic bill payment the customer need to make only one authorization statement to a bank. For example, a customer can make his/her regular-even payment of loan by providing one authorization statement. The customer need not make authorization every month. Automated Clearing House (ACH) makes necessary debits and credits. Usually, the account holder ultimately decides whether the automatic bill payment happens each month. The customer can stop automatic payment function off or s/he can postpone the payment.
Legal Definition list
- Automatic Aid
- Automated Underwriting
- Automated Transaction
- Automated Teller Machine
- Automated Storage and Retrieval Systems
- Automatic Bill Payment
- Automatic Call System [Healthcare]
- Automatic Clearing House
- Automatic Conversion
- Automatic Defibrillation in Adam's Memory Reauthorization Act
- Automatic Energy-Saving Setback Thermostat
