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Auto Debit Facility National Automated Clearing HouseFrequently Asked Questions FAQs Page 11. What is PCI? After setting up of the Board for Payment and Settlement Systems (BASS) in 2005, Reserve
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What is auto debit facility?
Auto debit facility is a payment option that allows the deduction of funds from a bank account automatically for recurring payments.
Who is required to file auto debit facility?
Any individual or organization looking to automate their payment process for recurring transactions may opt for an auto debit facility.
How to fill out auto debit facility?
To set up an auto debit facility, one must provide authorization to the service provider to deduct funds from the designated bank account for specific transactions.
What is the purpose of auto debit facility?
The purpose of auto debit facility is to streamline payment processes, reduce the need for manual intervention, and ensure timely payments for recurring transactions.
What information must be reported on auto debit facility?
The auto debit facility may require details such as bank account information, authorization for fund deduction, and specific transaction details.
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