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 EFT Debit Authorization Agreement Zeal Credit Union Zealcreditunion 2015

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What is the EFT Debit Authorization Agreement?

The EFT Debit Authorization Agreement is a formal document used by members of Zeal Credit Union to authorize electronic funds transfers (EFT) from their accounts. This agreement allows the credit union to debit specified amounts from a member's account for various purposes, such as loan payments or recurring fees. By signing this agreement, members provide consent for these transactions, ensuring a smooth and efficient banking experience.

How to use the EFT Debit Authorization Agreement

To utilize the EFT Debit Authorization Agreement, members must first complete the form accurately. This involves providing personal information, including account details and the specific amounts to be debited. Once the form is filled out, members should review it for accuracy before submitting it to Zeal Credit Union. The credit union will process the agreement, allowing for automated transactions as specified in the document.

Steps to complete the EFT Debit Authorization Agreement

Completing the EFT Debit Authorization Agreement involves several key steps:

  1. Obtain the form from Zeal Credit Union, either online or at a branch.
  2. Fill in your personal information, including your name, address, and account number.
  3. Specify the amount and frequency of the debits you wish to authorize.
  4. Review the completed form for accuracy.
  5. Sign and date the agreement to confirm your authorization.
  6. Submit the form to Zeal Credit Union via the designated method.

Key elements of the EFT Debit Authorization Agreement

The EFT Debit Authorization Agreement contains several essential elements:

  • Member Information: This includes the member's name, address, and account number.
  • Transaction Details: Members specify the amounts and frequency of the debits.
  • Authorization Statement: A declaration that the member consents to the transactions.
  • Signature: The member's signature is required to validate the agreement.
  • Date: The date of signing is also included to establish the agreement's validity period.

Legal use of the EFT Debit Authorization Agreement

The EFT Debit Authorization Agreement is legally binding once signed by the member. It complies with federal regulations governing electronic transactions, ensuring that both the member and Zeal Credit Union adhere to the agreed terms. Members should retain a copy of the signed agreement for their records, as it serves as proof of authorization for future transactions.

Examples of using the EFT Debit Authorization Agreement

Members may use the EFT Debit Authorization Agreement in various scenarios, including:

  • Setting up automatic loan payments to ensure timely repayments.
  • Authorizing monthly membership fees or service charges.
  • Establishing recurring transfers to savings accounts for better financial management.
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