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EFT/DRAFTING AUTHORIZATION EFT/DRAFTING AUTHORIZATION AND AGREEMENT(Check One)q BANK DRAFT I hereby authorize the Board of Retirement & Insurance to draft payments electronically from my checking/savings
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What is eftdrafting authorization?
EFT (Electronic Funds Transfer) drafting authorization is a form that allows a company to withdraw funds directly from a customer's bank account.
Who is required to file eftdrafting authorization?
Companies or organizations that want to set up recurring payments or collections from customers' bank accounts are required to file eftdrafting authorization.
How to fill out eftdrafting authorization?
To fill out eftdrafting authorization, the company must provide the necessary information, such as the customer's bank account details, payment amount, frequency of payments, and authorization signature.
What is the purpose of eftdrafting authorization?
The purpose of eftdrafting authorization is to streamline the payment process for both the company and the customer by allowing direct withdrawals from the customer's bank account.
What information must be reported on eftdrafting authorization?
The eftdrafting authorization form must include the customer's bank account number, routing number, payment amount, payment frequency, and authorization signature.
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