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preauthorized electronic debit
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| pre·au·thor·ized e·lec·tron·ic deb·it (plural pre·au·thor·ized e·lec·tron·ic deb·its) |
noun |
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| Definition: |
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prearranged wire transfer: a debit that is authorized in advance by the payer, so that the payer's bank can send payment to the payee's bank through the automated clearing bank
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