Pre-Authorized Transfers (PATs) automatically transfer funds to your savings account on a schedule that works best for you & your lifestyle. It is a simple & smart way to grow your savings.
Here at RCU we refer to automatic transfers as PATs. You may also know them as direct debit, AFT, EFT, PAP, PAC & PAD. Regardless of their different names, they are all used to help build your savings. Whether you are saving for a future purchase, retirement or an emergency fund – it’s important that you understand what a PAT is and how to set one up!
How does a PAT work?
- you choose an amount to be withdrawn from your account on a reoccurring basis
- daily, weekly, bi-weekly, monthly, etc.
- the money gets deposited directly into a savings account of your choice
- watch your savings GROW!
- We like to think of it as paying yourself first – for all the hard work you do!
How can I set up a PAT?
- Decide on a dollar amount you’d like to start saving don’t worry – this amount can be changed at any time!
- Pick a schedule that best suits your budget & lifestyle - weekly, bi-weekly, monthly or yearly - we recommend lining them up with your payroll or other deposits!
- Sit back & enjoy your savings grow, literally! - There’s no need to babysit your PAT
- Give our Investment Specialist Alicia Sentes a call & she will take care of the rest!