What is Direct Debit?
Direct Debit is a free, automatic payment service for borrowers who prefer not to write checks to make their monthly loan payments. Once approved, AES will electronically transfer your monthly installment, along with any additional amount you have requested, from your checking or savings account to your student loan account. This automatic transaction will happen on the same date each month.
Direct debit is the process whereby your customers authorize your business to automatically access payments from their checking account for deposit into your merchant account. It eliminates the need for customers to write a check or provide their card number. Increasingly popular in today’s convenience-driven marketplace, direct debit gives you a significant competitive advantage in the eyes of your customers. Moneris PayPartner allows you to process direct debit transactions securely and easily.
Direct Debit allows the IRS or State to withdraw money directly from your checking or savings account. With e-file, you can select the date of withdrawal for anytime before April 15th, even if you file early. If you file after April 15th, the withdrawal will occur immediately upon e-file acceptance.
Direct debit is the secure electronic transfer of an authorized payment from a checking or savings account into your account. Direct debit may also be referred to as electronic funds transfer (EFT), Automated Clearing House (ACH) transfer, direct payment, automatic bill payment, automated debit and electronic payment.
