Definition of «preauthorized transfers»

"Preauthorized transfers" refers to automatic or recurring transfers of funds that you have approved in advance. It means that you have given permission for a certain amount of money to be moved from one account to another on a regular basis without needing to initiate the transfer each time.

Sentences with «preauthorized transfers»

If you have arranged in advance to make regular electronic fund transfers out of your account (s) for money you owe others, you may stop payment of preauthorized transfers from your account. (utahfirst.com)
Preauthorized transfers include, but are not limited to, transfers processed through Online Banking or Bank7 Voice. (bank7.com)
We may offer preauthorized deposits (e.g., payroll checks, Social Security or retirement checks, or other government checks) or preauthorized transfers from other accounts. (towerfcu.org)
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