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(ii) A payment transfer initiated by means of processing the consumer's signature check through the check system or through the ACH system within one business day after the consumer provides the check to the lender.
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People with managed accounts get someone else to look after their money for them: a money manager, who makes sure essential payments like rent and bills The cash left when the essentials are paid is available to spend using a debit card, or, in some cases, a prepaid card.
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No set standards exist and as with Repayment Plans: Unlike the options available for guaranteed student loans, no pre-determined pay plans exist.
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