Q. What is Automatic Bank Draft? A. Automatic Bank Draft is a service that allows you to automatically pay your monthly water bill using your checking account, but without writing checks.

Types of Automatic Payments With the first method, you can authorize your financial institution to automatically withdraw money from your account and send it as a payment each month. With the second method, you give the company you're paying permission to withdraw money directly from your account.

Autodraft means setting up a regular payment that is automatically withdrawn (or “drafted”) from your banking account on a specific day of the month that you decide. (It's sometimes called “autopay” or “ACH withdrawal.”) Then your payment is deducted from your account on the same day every month.

To stop payment, you will need to notify your bank at least three business days before the next payment is scheduled to be made. Notice may be made orally or in writing. However, if the notice is made orally, the bank may require you to follow up with written notice within 14 days.

Often, to begin the process, the bank account holder must provide the third party or payee with a voided check along with a signed formal authorization form. The payee then presents the authorized request to the bank or financial institution. It may take several weeks before the first automatic bank draft is completed.

A cow can be automatically drafted either from management lists set up in the parlour herd management software or directly from the milking parlour. The drafting gate can be set to: Draft a cow to the left into a holding pen e.g. for artificial insemination, hoof trimming or veterinary treatment.

Direct Debit, also known as Auto Draft, lets you authorize the payment of your utility bill directly from a checking account or credit card. In other words, your check writing days are over. Direct Debit means you won't have to worry about late payment fees or bother with envelopes, stamps and mailboxes again. 2.