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Preauthorized debit definition
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Preauthorized debit
The transfer of funds from a payor's bank account on a specified date to the payee's bank account; the transfer is initiated by the payee with the payor's advance authorization.
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http://wps.pearsoned.co.uk/wps/media/objects/1669/1709588/glossary/glossary
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The transfer of funds from a payor's bank account on a specified date to the payee's bank account; the transfer is initiated by the payee with the payor's advance authorization.