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What is the definition of a recurring debit card transaction?

April 26, 2017Debit card definition recurring transaction

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What is the definition of a recurring debit card transaction?

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A recurring debit card transaction is a preauthorized electronic fund transfer that uses a debit card number and takes place on a recurring basis. Monthly automatic bill payments for Internet, insurance or rent are examples of recurring transactions. Pinnacle Bank may pay overdrafts and charge overdraft fees for any transactions that are coded as recurring transactions. We will treat any transactions that are not coded as recurring transactions as one-time transactions, even if the merchant did not properly code it.