A preauthorized electronic withdrawal for the payer's account is known as

Question

Quizplus · Accepted Answer

A preauthorized electronic withdrawal for the payer's account is commonly known as an automated clearinghouse (ACH) debit transfer. A depository transfer check is when funds are transferred between accounts at the same bank. Wire transfer is a different form of electronic funds transfer that involves the movement of funds from one bank to another. Therefore, the correct answer is option B, an automated clearinghouse debit transfer.

A Preauthorized Electronic Withdrawal for the Payer's Account Is Known