What is an Automatic Payment?
An automatic payment gets paid by establishing the interval when the payment should be made, along with othe supporting payment details.You specify the amount, the frequency, the start date and the end date or the number of payments to make (for due date models it is number of payments instead of end date). Based on the duration of the loan you could also establish the end date of the automatic payment rule. For example, you could have us schedule a payment for your car loan in the amount of $300 on the 1st of every month for the next 36 months.
A. Automatic payment is a convenient way of paying various types of bills electronically such as telephone, electric, credit card, insurance, etc. You provide the names and account information of billers to whom you wish to pay. You authorize the payment amount and direct any payment instructions.
