Bank Account Debit Authorization

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Bank Account Debit Authorization Powered By Docstoc
					This document authorizes a company to automatically deduct money from an account of
another party as set forth in the form. The form can be used by companies utilizing
automatic debit for payment of a debt or a service, or for individuals desiring to permit a
company to make scheduled automatic debits from their accounts. This document can
be revised to permit an individual to deduct scheduled automatic debits rather than a
company. This document should be used by parties who wish to allow another party to
deduct money from their account.
   Bank Account Debit Authorization-Multiple or Repetitive Occurrences
I (we) hereby authorize _____ [Instruction: Insert company name.] (including for
purposes of this authorization its successors and assigns) (“Company”), to initiate an
electronic debit entry or entries to the account (“Account”) and depository financial
institution named below (“Bank”). This form authorizes the Bank holding the account to
post all such entries. If any item authorized hereunder is returned unpaid, I authorize an
additional returned check fee of the maximum amount as allowed by the state to be
charged to this account.

If the date on which the scheduled electronic debit entry or entries is a state or
federal holiday or weekend day, I understand such scheduled electronic debit
entry or entries will take place on the next business day. I further authorize
Company to return money that was withdrawn from my account in error by
electronically adjusting my account. I understand I will be notified by Company
within a reasonable time if any such adjustments are made.

I hereby agree to comply with National Automated Clearing House Rules and
Regulations about electronic transfers as they exist on the date of my signature on this
form or as subsequently adopted, amended, or repealed. Applicable state law governs
electronic fund transactions authorized by this agreement in all respects except as
otherwise superseded by federal law.

This authority shall remain in effect until Company and Bank have received notification
from me of its termination in such time and in such manner as to afford Company and
Bank a reasonable opportunity to act on it, or until my loan account has been paid in
full [Instruction: Delete bolded language if inapplicable.], or until Company or Bank
has sent me ten (10) days’ written notice of Company’s or Bank’s termination. If I
choose to terminate this authorization to debit my account, I will notify Bank in
accordance with my agreement with Bank. If such notification is not provided within
such reasonable time, I understand, acknowledge and agree the Bank may make such
scheduled electronic debit, and that Company has the right to retain such moneys, subject
to my right to dispute same with Company according to Company dispute procedures,
and Bank will have no further liability with respect to payment of such scheduled
electronic debit.

[Note: Optional language if debit amounts vary – the below is sample language, and
should be revised to reflect the true agreement between the parties with respect to
billing.]: I hereby authorize Company to initiate debit entries to the Account indicated
below in the amounts equal to each invoice prepared by Company, and I authorize Bank
to process said entries. I understand that invoice amounts are variable with each billing
period. I elect to be notified of my payment amounts via regular monthly invoicing, to be
sent to me via U.S. mail or email. I understand my Services Agreement allows me 15
days upon receipt of any invoice to dispute same. Upon notice of dispute of an invoice, if
the dispute cannot be resolved at least 2 days prior to the draft date, the automatic debit
will be suspended until the dispute is resolved. Debits will be performed 16-20 days
from the date of each invoice.


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[Note: Optional language if debit amounts may change in future] I hereby
understand, acknowledge and agree the minimum required monthly payment due to
Company can change due to new loans, future disbursements of current loans, changes in
variable interest rate and current loans reverting to repayment. If the minimum required
monthly payment changes for any reason, this authorization will be automatically
amended to authorize the debit of an amount equal to the new required minimum monthly
payment plus any optional additional amount indicated below. I understand such new
required minimum monthly payment may be higher or lower than the current payment.

NAME: _______________________________________________________________
(as it reads on bank account)

Bank Name: ___________________________________________

City/State: ______________

Bank ABA#: ____________________________

Bank Account #: ________________________

Account Type: __ Checking __ Savings

Bank Phone #(____) _____________________

Bank Accountholder’s

Signature:___________________________________________________

Printed Name:
_________________________________________________________________

Date: __________________________

Frequency of Debit: _____________________

Date of Debit: _______________________

Amount of Debit: _______________________

Number of Debits: ___________________

Final Debit Date: _______________________

[Note: Optional:] In addition to my required minimum payment, please deduct the
following additional amount with each debit: $________________________


© Copyright 2012 Docstoc Inc.                                                         3
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Description: This document authorizes a company to automatically deduct money from an account of another party as set forth in the form. The form can be used by companies utilizing automatic debit for payment of a debt or a service, or for individuals desiring to permit a company to make scheduled automatic debits from their accounts. This document can be revised to permit an individual to deduct scheduled automatic debits rather than a company. This document should be used by parties who wish to allow another party to deduct money from their account.