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This document outlines the Pre-Authorized Debits Agreement with Manor Park Community Council, including customer and banking information requirements.
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What is pre-authorized debits agreement?
A pre-authorized debits agreement is a contract between a debtor and a creditor that allows the creditor to withdraw funds directly from the debtor's bank account on a specified schedule.
Who is required to file pre-authorized debits agreement?
Businesses or organizations that wish to collect payments directly from customers' bank accounts are required to file a pre-authorized debits agreement.
How to fill out pre-authorized debits agreement?
To fill out a pre-authorized debits agreement, provide the required information such as the bank account details, the amount to be debited, the frequency of the payments, and the signature of the account holder.
What is the purpose of pre-authorized debits agreement?
The purpose of a pre-authorized debits agreement is to facilitate automatic payments, ensuring timely collection of payments and simplifying the billing process for both parties.
What information must be reported on pre-authorized debits agreement?
Information that must be reported includes the account holder’s name, account number, bank details, the amount to be withdrawn, payment frequency, and any authorization signatures.
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