Typically, the payday lender will require a post-dated check to cover the repayment, or will set up an
automatic electronic withdrawal from your bank account.
Payday loans are issued in exchange for a postdated check or and
electronic withdrawal authorization, allowing the lender to collect the loan repayment from the checking account of the borrower on the due date.
To summarize, you can transfer out to another account at the same bank or initiate
an electronic withdrawal (ACH) to another institution.
Make up to six
electronic withdrawals or transfers to a checking or savings account per month — that's the maximum allowed by federal regulation (Federal Reserve Regulation D).