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Direct debit

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Definition Edit

Direct debit (also referred to as direct payment) is an

e]lectronic transfer, usually through ACH, out of an individual's checking (or savings) account to pay bills, such as mortgage payments, insurance premiums, and utility payments.[1]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

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