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Pre-Authorized Monthly Bank Draft Program Arkansas Blue Cross Bluesier An Independent Licensee of the Blue Cross and Blue Shield Association How to Sign Up 1. Complete the information requested below.

How to fill out pre-authorized monthly bank draft

How to fill out pre-authorized monthly bank draft:

1. Obtain the necessary paperwork: Contact your bank to request the pre-authorized monthly bank draft form. They will provide you with the required documents and instructions.
2. Fill out personal information: On the form, provide your full name, address, contact information, and any other requested personal details. This ensures that the bank can correctly identify you as the account holder.
3. Provide bank account details: Indicate the specific bank account from which you want the monthly funds to be withdrawn. This typically includes providing the account number and branch information.
4. Specify the payment amount: Clearly state the amount you want to be drafted from your account each month. Double-check the number to avoid any potential errors.
5. Determine the withdrawal frequency: Confirm the frequency of the monthly draft, such as whether it will occur on a specific day each month or at regular intervals.
6. Review and sign the form: Thoroughly inspect the completed form to ensure all information is accurate. Affix your signature to indicate your consent and agreement to the terms.
7. Submit the form to your bank: Return the filled-out form to your bank as instructed. They may require you to visit a branch or offer the option to submit it electronically.
8. Maintain sufficient funds in your account: It is essential to have enough money in your bank account to cover each monthly withdrawal. Ensure that your account maintains the required balance to prevent any potential issues.

Who needs pre-authorized monthly bank draft:

1. Individuals with regular monthly expenses: Pre-authorized bank drafts are useful for those with recurring bills or payments, such as rent or mortgage payments, utility bills, insurance premiums, or car loan installments.
2. Business owners or self-employed individuals: Those who have ongoing business expenses, subscription fees, or loan payments can benefit from pre-authorized monthly bank drafts to simplify their financial management.
3. Individuals wanting to automate savings or investments: Using pre-authorized bank drafts can help individuals build their savings or contribute to investments systematically, without the need for constant manual transfers.

Note: It is always advisable to consult with your bank or financial institution for specific instructions and requirements regarding pre-authorized monthly bank drafts.

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What is pre-authorized monthly bank draft?

A pre-authorized monthly bank draft is a payment method where the account holder authorizes a company to withdraw a specified amount of money from their bank account on a recurring basis.

Who is required to file pre-authorized monthly bank draft?

Any individual or company that wishes to make regular payments to another party can set up a pre-authorized monthly bank draft.

How to fill out pre-authorized monthly bank draft?

To fill out a pre-authorized monthly bank draft, the account holder needs to provide their bank account information, the amount to be deducted, the frequency of the payments, and the recipient's details.

What is the purpose of pre-authorized monthly bank draft?

The purpose of a pre-authorized monthly bank draft is to automate recurring payments, making it convenient for both the payer and the payee.

What information must be reported on pre-authorized monthly bank draft?

The information required on a pre-authorized monthly bank draft includes the account holder's name, bank account number, the recipient's details, the payment amount, and the payment frequency.