Automated Transfer System definition
Automated Transfer System means the Recipient’s automated clearing house and real time gross settlement system.
Examples of Automated Transfer System in a sentence
Clearing House Automated Transfer System (“CHATS”) Electronic fund clearing and settlement medium.
For the purpose of this offer: “New Funds” refer to monies newly deposited into the Bank within 3 days before Time Deposit Account opening date via cash, cheque, cashier’s order, Local Bank Transfer Payment through Real Time Gross Settlement (RTGS, also known as Clearing House Automated Transfer System (CHATs)) or Telegraphic Transfer from other banks.
Such amounts will become due and payable at the Insurance Company's home office address via the designated Insurance Company lock box or the Pension Automated Transfer System or to any designated agent of the Insurance Company within thirty (30) days of the date specified in the Plan.