autopay

American  

[aw-toh-pey] / ˈɔ toʊˌpeɪ /

noun

Finance.

1. a computerized service that automatically deducts from an individual’s checking, savings, or money market account an owed recurring payment, as for a bank loan, credit card, or utility bill, in time to meet the payment due date.

   Using autopay helps ensure timely payments and the avoidance of late fees.

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Usage

What does autopay mean in budgeting and savings? Autopay, short for automatic payment, is a computerized service that automatically deducts an owed recurring payment from an individual’s account (usually a checking, savings, or money market account), in time to meet a payment due date.Autopay can usually be set up directly with the company receiving payment or through the payment service of one's bank.Autopay can be set up to make many types of payments, including recurring payments for a bank loan, a credit card, or utility bill, etc. Using autopay for recurring bills ensures timely payments and the avoidance of late fees.

Etymology

Origin of autopay

First recorded in 1980–85; shortening of automatic payment

Example Sentences

It’s also important to not make any new buy-now-pay-later purchases and to set up autopay on outstanding loans to avoid late fees, said Joe Piszczor, founder of Washington Family Wealth in Washington, Penn.

From MarketWatch

She gives us her rags-to-riches story of growing up in an abandoned diner with her family, pairing that against her life now and enjoying the childhood she never had — and the ability to keep all her bills on autopay.

From Los Angeles Times

Borrowers in the U.S. can enroll in autopay with their student-loan servicers, but it isn’t the default.

From The Wall Street Journal

Unplugging autopay can also make you more cognizant of where your dollars are going, De La Rosa said.

From The Wall Street Journal

As a child, Alonzo’s family squatted in an abandoned diner; now, after decades of hard work, she can put her bills on autopay.

From Los Angeles Times