Get the free Automatic Bank Draft Termination Agreement

This document is used to authorize the City of Covington to discontinue bank withdrawals for utility payments, requiring customer information and bank account details.

How to fill out automatic bank draft termination

How to fill out Automatic Bank Draft Termination Agreement

1. Begin by downloading the Automatic Bank Draft Termination Agreement form from your bank's website or request a physical copy from the bank.
2. Fill in your personal information, including your name, address, and account number associated with the bank draft.
3. Specify the name of the entity or company from which you are terminating the bank draft payments.
4. Include the date when you want the termination to take effect.
5. Review the form for accuracy and ensure all required fields are completed.
6. Sign and date the agreement to validate it.
7. Submit the signed agreement to your bank either in person, via mail, or through any required online submission process, as directed by your bank.

Who needs Automatic Bank Draft Termination Agreement?

1. Individuals or businesses that want to cancel recurring bank draft payments for services such as subscriptions, loans, or memberships.

People Also Ask about

What does automated draft mean?

Direct debit, also known as auto draft, lets you authorize the payment of your utility bill directly from a checking account or credit card. In other words, your check writing days are over.

What is an automatic bank draft?

What is Automatic Bank Draft? A. Automatic Bank Draft is a service that allows you to automatically pay your monthly water bill using your checking account, but without writing checks.

What is a bank draft and how does it work?

The term "bank draft" (also called a banker's draft, bank check, or teller's check) is a paper document that resembles a traditional paper check. But unlike personal checks, a draft ensures there are sufficient funds, guaranteed by the issuing bank's reserve account, with no chance that the check could bounce.

Is there a way to cancel a bank draft?

Canceling a Bank Draft Since the buyer has already paid the funds represented by the bank draft, the only means of effectively canceling the draft is to have the seller cash it and return the funds to the buyer.

How do you stop an automatic bank draft?

You can contact your bank and place a stop payment order on the recurring transaction. Generally, a stop payment order is only good for six months. To stop payment, you will need to notify your bank at least three business days before the next payment is scheduled to be made. Notice may be made orally or in writing.

Is a bank draft the same as a bank check?

A banker's draft works in the same way as a cheque, but it can't bounce. The bank writes out the cheque for you in a branch and takes the funds from your account at the same time – so it's like a prepaid cheque. Banks normally charge a fee for this service and often require 24 hours' notice.

For pdfFiller’s FAQs

What is Automatic Bank Draft Termination Agreement?

An Automatic Bank Draft Termination Agreement is a formal document that a customer submits to their financial institution to stop automatic withdrawals from their bank account.

Who is required to file Automatic Bank Draft Termination Agreement?

Any customer who wishes to discontinue automatic bank drafts or withdrawals from their account is required to file an Automatic Bank Draft Termination Agreement.

How to fill out Automatic Bank Draft Termination Agreement?

To fill out the agreement, a customer typically needs to provide their account information, details of the automatic drafts they wish to terminate, and their signature to authorize the termination.

What is the purpose of Automatic Bank Draft Termination Agreement?

The purpose of the agreement is to officially notify the bank and terminate any recurring automatic transactions to prevent further withdrawals from the customer's account.

What information must be reported on Automatic Bank Draft Termination Agreement?

The agreement generally requires the customer's name, account number, the name of the entity initiating the drafts, and the specific details regarding which drafts are to be terminated.