This review list is intended to educate you about this document and to aid you in its preparation. Debiting accounts has become a popular method of transferring payments to meet obligations, and it can benefit both parties. Ascertain that the signer is an authorized signer for the debited account. It is recommended that you utilize the same form, signed by the same individual, to speed this process at your bank. After becoming acquainted with you, the Bank will frequently accept a faxed notice in lieu of a personally delivered one. You do not require a witness, as you do not require one for a standard bank check.
Establishing a regular and recurring debit authorization system may entitle you to an additional discount from your payee. Consider taking advantage of it and, at the at least, asking questions as to whether such a discount can be negotiated in exchange for this highly predictable and consistent payment option.
Debit Your Account, Repetitive Authorization
Date:
Dear Sir or Madam:
You are authorized and directed to debit our Account, named ____________, with our bank account number: ______________, for $ ___________ for a monthly payment to be made on the 15th day of each any every month until you are notified otherwise in writing, the payment being payable to: _________________ (Name), at _____________ (Bank), with account number ________________ and ABA Routing Number _________________. Please charge our account any fees to accomplish this transaction.
This shall be your good and sufficient authority for doing so.
Best regards,
_____________
Authorized Signer of Account
cc Recipient of debitDebit Your Account, Repetitive Authorization
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. Debiting accounts has become a quick way to transfer funds to pay obligations and can bring advantages to both parties. Be sure the signer is an authorized signer of the account being debited. You are advised to use the same form, signed by the same person, to expedite this at your Bank. After they get to know you, the Bank will often accept a faxed notice versus a hand delivered one. You do not need a witness since you do not need one for a normal bank check.
If you establish a regular and repetitive debit authorization system, your payee may grand you an additional discount. Consider taking advantage of it and, at a minimum, inquire to see if you can negotiate such a discount in return for this highly predictable and regular payment method.
