What is an automatic payment (ACH debit)?
Automatic payments through an Automated Clearing House (ACH) are just like direct deposit, except funds are automatically transferred OUT OF your account instead of into your account. It’s a convenient way to pay bills without having to write checks. Many companies (like electric, gas, telephone, loans, credit cards, and insurance) accept automatic payments from Kennebunk Savings. If you want to set up automatic payments, the company will tell you what they need from you. Usually, it’s a voided check from your checking account and the date on which you would like them to start withdrawing payments.
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- What is an automatic payment (ACH debit)?
