Preauthorized Checks (PAC)
Preauthorized Checks (PAC)
Definition: Checks that are authorized by a payer in advance, and written either by the payee or by the payee's bank and then deposited in the payee's bank account.
Definition: Checks that are authorized by a payer in advance, and written either by the payee or by the payee's bank and then deposited in the payee's bank account.