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PREAUTHORIZED WITHDRAWAL AMOUNT / ACCOUNT CHANGE To make an adjustment to the automatic withdrawals, please complete the form below and return it signed to the Finance Department using the contact

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How to fill out preauthorized withdrawal

How to fill out preauthorized withdrawal:

01

Start by obtaining the necessary form from your financial institution or online banking platform. This form is typically called "Preauthorized Debit Form" or something similar.

02

Fill out your personal information, including your name, address, and contact details. This information is important for identification and communication purposes.

03

Provide your banking information, including your account number and transit number. Make sure to double-check these details to ensure accuracy.

04

Specify the frequency and amount of the withdrawals. Decide whether you want the withdrawals to occur monthly, bi-weekly, or on a different schedule. Indicate the exact amount that should be debited from your account during each withdrawal.

05

Identify the payment recipient. This could be an individual, organization, or business that you want to authorize to withdraw funds from your account. Include their name and contact details, ensuring their accuracy.

06

Read and understand the terms and conditions of the preauthorized withdrawal agreement. These may include information regarding cancellations, changes to the agreement, and dispute resolution.

07

Sign and date the form. By doing so, you acknowledge your understanding and agreement to the terms and conditions of the preauthorized withdrawal.

Who needs preauthorized withdrawal:

01

Individuals who have recurring bills or payments. Preauthorized withdrawals allow for convenient and automatic payment of bills such as mortgages, utility bills, insurance premiums, or loan repayments.

02

Business owners or organizations that collect payments from clients or customers on a regular basis. Preauthorized withdrawals can provide a streamlined and efficient method for collecting funds.

03

People who want to make regular charitable contributions. Preauthorized withdrawals allow individuals to support their chosen charitable organizations without the hassle of remembering to make regular donations.

04

Those who want to automate savings or investment contributions. Preauthorized withdrawals can be set up to transfer funds into savings accounts, retirement accounts, or investment portfolios, helping individuals to build wealth over time.

05

Individuals with subscriptions or memberships. Many subscription-based services, such as streaming platforms or gym memberships, offer preauthorized withdrawal as a payment option for added convenience.

Overall, preauthorized withdrawal is suitable for anyone seeking a convenient and efficient way to manage recurring payments or contributions. Remember to review and update your preauthorized withdrawal agreements as needed to ensure accuracy and alignment with your financial goals.

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