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Complete the Pre-Authorized Debit Agreement to authorize monthly debits for Benefits coverage. Contact the Benefits Center for more information.
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What is pre-authorized debit agreement?
A pre-authorized debit agreement is a financial arrangement that allows a company or organization to withdraw funds directly from a customer's bank account on a specified schedule, typically for recurring payments.
Who is required to file pre-authorized debit agreement?
Generally, individuals or businesses that wish to set up automatic payments for regular services or obligations are required to file a pre-authorized debit agreement with their bank or financial institution.
How to fill out pre-authorized debit agreement?
To fill out a pre-authorized debit agreement, you need to provide your personal information, bank account details, the amount to be withdrawn, the frequency of the withdrawals, and your consent to the terms of the agreement.
What is the purpose of pre-authorized debit agreement?
The purpose of a pre-authorized debit agreement is to facilitate automatic payments, ensuring that obligations are met on time without the need for manual transactions each period.
What information must be reported on pre-authorized debit agreement?
The information that must be reported on a pre-authorized debit agreement includes the account holder's name, bank account details, amount to be debited, payment schedule, and the signature of the account holder giving authorization.
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