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AUTHORIZATION FORM FOR PREAUTHORIZED PAYMENT PLAN FOR COMMON ELEMENT EXPENSES (EFT FORM) Please complete, sign, print and return this form to the management office, together with an unsigned check

How to fill out authorization form for preauthorized

Point by point guide on how to fill out an authorization form for preauthorized payments:

1. Start by obtaining a blank authorization form from your bank or financial institution. This form may also be available for download on their website.
2. Begin by filling out your personal information accurately. This includes your name, address, phone number, and email address. Make sure to double-check the information for any errors or mistakes.
3. Next, provide details about the preauthorized payment. Include the name of the payee or company that will be receiving the payment, as well as their contact information. You may need to include additional information such as an account or membership number.
4. Specify the frequency and amount of the preauthorized payments. Indicate whether the payments will be made on a weekly, monthly, or yearly basis. Clearly state the amount that will be deducted from your account for each payment.
5. If there is an expiration date for the preauthorized payments, make sure to include it on the form. This is particularly important if you are authorizing payments for a limited time period, such as a subscription or membership fee.
6. Read through the terms and conditions section of the authorization form carefully. Make sure you understand your rights and responsibilities as the account holder. If you have any questions or concerns, contact your bank or financial institution for clarification.
7. Once you have completed filling out the form, review it one more time to ensure all information is accurate and complete. Sign and date the authorization form at the designated area.
8. Keep a copy of the authorization form for your records. It's also a good idea to save a digital copy or take a photo of the filled-out form for future reference.

Who needs an authorization form for preauthorized payments?

An authorization form for preauthorized payments is typically needed by individuals who wish to set up automatic deductions from their bank account to pay for recurring expenses or services. This may include regular bills such as utility payments, insurance premiums, subscription fees, or membership dues.

It is important to note that specific requirements may vary depending on the financial institution and the type of payment being authorized. It is recommended to consult with your bank or financial institution for specific guidelines and instructions on filling out an authorization form for preauthorized payments.

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