Authorization Agreement for Preauthorized Deposits or Loan Payments Sample Contracts
AUTHORIZATION AGREEMENT FOR PREAUTHORIZED DEPOSITS OR LOAN PAYMENTS TO LENDERAuthorization Agreement for Preauthorized Deposits or Loan Payments • May 27th, 2021
As a convenience to me, I hereby request and authorize Lender, herein called Lender, to initiate withdrawal entries from my account at the LENDING INSTITUTION indicated below, in order to establish automatic transfer of funds, and if necessary, adjustments for any entries in error, to my Lender account as indicated below. I also authorize the LENDING INSTITUTION indicated below to withdraw the same from such accounts. I agree that Lender’s rights in respect to each transfer of funds shall be the same as if it were a draft/check drawn on the LENDING INSTITUTION indicated below and deposited to my account at Lender and personally endorsed by me, and Lender shall be fully protected in honoring such transfer. If the transfer date falls on a weekend or holiday the deposit/payment will take place on the prior business day. I acknowledge that the origination of ACH transactions to my account must comply with the provisions of United States law.