[amp_mcq option1=”Post-Authorized Cheque” option2=”Pre-Authorized Chequing” option3=”Process-Authorized Chequing” option4=”Pre-Authorized Checking” correct=”option4″]<\/p>\n
The correct answer is: D. Pre-Authorized Checking<\/strong><\/p>\n Pre-authorized checking (PAC) is a system of automatic payments from a checking account to a third party. The payments are made on a regular basis, such as monthly or weekly, and are authorized by the account holder. PAC is often used for bill payments, such as utility bills, credit card bills, and mortgage payments.<\/p>\n PAC is a convenient way to make sure that bills are paid on time. It can also help to avoid late fees and penalties. To set up PAC, the account holder must provide the third party with their checking account information and authorize the payments. The third party will then send a request to the bank to make the payment on the designated date.<\/p>\n If the account holder has insufficient funds in their checking account to cover the payment, the bank may reject the payment or may charge an overdraft fee. The account holder should monitor their checking account balance to make sure that there are enough funds to cover all scheduled payments.<\/p>\n PAC is a safe and secure way to make payments. The bank will only process payments that have been authorized by the account holder. The account holder should keep their checking account information safe and should not share it with anyone else.<\/p>\n Here is a brief explanation of each option:<\/p>\n [amp_mcq option1=”Post-Authorized Cheque” option2=”Pre-Authorized Chequing” option3=”Process-Authorized Chequing” option4=”Pre-Authorized Checking” correct=”option4″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":["post-31927","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"\n\n