Automatic transfer service account
Encyclopedia
An automatic transfer service account is a deposit account
that allows the transfer of funds from a savings account
to a checking account in order to cover a check written or to maintain a minimum balance.
Deposit account
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...
that allows the transfer of funds from a savings account
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
to a checking account in order to cover a check written or to maintain a minimum balance.