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This document is an authorization agreement for Fremont Insurance Company to initiate debit entries from a designated bank account for the purpose of paying insurance premiums. It includes options for payment frequency and information required to set up the payment. The authorization remains in effect until terminated by the client, with specific instructions provided for revocation.
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An EFT payment agreement is an arrangement that allows for electronic funds transfers between a payer and a payee, facilitating the automated and secure transfer of funds.
Entities that are required to make payments electronically, such as businesses, organizations, or individuals who meet certain threshold criteria set by regulatory authorities, are required to file an EFT payment agreement.
To fill out an EFT payment agreement, you typically need to provide your banking information, the type of payments involved, authorization for the transfer, and any necessary details specific to the payment process as outlined by the authority overseeing the agreement.
The purpose of an EFT payment agreement is to establish a formal authorization process for electronic payments, ensuring that transactions are secure, streamlined, and compliant with relevant financial regulations.
The information that must be reported on an EFT payment agreement usually includes the payer's and payee's details, banking information, types of payments, the authorization signature, and any relevant transaction limits.
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