I am looking at the application form of a bank. One part of the application is like:
BANK TRANSFER ORDER
Please execute the following request of fund transfer
Then there are fields for "Debit Account" to enter my current account number and "Credit Account" which is pre-filled with their account number. So, supposedly, after I send them the application via post, some magic will happen. Money will flow from my current bank to them, and I'll have my new bank account with them.
I wasn't aware such a thing is possible. Could anyone explain in more detail about this? What is this called? Where can I read about it?