Preauthorized payment is an arrangement that allows a corporation to charge a customer's bank account up to some limit.

Name: Preauthorized payment is an arrangement that allows a corporation to charge a customer's bank account up to some limit.
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Preauthorized payment is a legitimate way for corporations to collect payments automatically from their customers' bank accounts up to a certain amount. This is typically used for recurring payments such as subscriptions, utility bills, and loan payments.

Preauthorized Payment Is an Arrangement That Allows a Corporation to Charge