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MISSISSIPPI HOME CORPORATION AUTHORIZATION AGREEMENT FOR AUTOMATIC PAYMENTS LOAN # NAME: (As it appears on financial institution records) ADDRESS CITY: STATE: ZIP: PHONE: FINANCIAL INSTITUTION NAME:
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What is automatic bank draft?
Automatic bank draft is a payment method where a financial institution automatically withdraws funds from a customer's bank account to pay a recurring bill or installment.
Who is required to file automatic bank draft?
Automatic bank draft is typically used by individuals or businesses who have agreed to make regular payments to another party, such as utility payments or loan installments.
How to fill out automatic bank draft?
To fill out an automatic bank draft, you need to provide the necessary authorization form to your bank or financial institution, specifying the payment amount, frequency, and recipient information.
What is the purpose of automatic bank draft?
The purpose of automatic bank draft is to simplify the payment process by eliminating the need for manual payment initiation, ensuring timely payments, and reducing the possibility of missed or late payments.
What information must be reported on automatic bank draft?
The information reported on automatic bank drafts typically includes the payer's bank account details, the recipient's identification or account number, the payment amount, and the payment frequency.
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