All Electronic Funds Transfer requests must be verified by an Authorization form before any automatic withdrawals can be processed correctly.
Product(s): TC.Net
Article link: http://help.truecommerce.com/en/articles/11797989-eft-authorization-form-for-automatic-withdrawals
This article explains what an EFT Authorization form is, why you might need to request it, and how to accurately complete your enrollment for automatic withdrawals.
What is an EFT Authorization Form?
An Electronic Funds Transfer (EFT) Authorization form is a document that allows an individual or organization to authorize electronic payments to or from their bank account. It is essentially a permission slip for financial institutions to transfer money digitally between accounts, often used for direct deposit or recurring payments.
An EFT Authorization form provides the necessary information for initiating electronic payments. This includes details of Customer Information and their Bank Account Information. The form also includes the Authorization and Agreement section where the account holder signs to agree to the electronic transfers.
Organizations opting for EFT automatic withdrawals must complete and submit this Authorization form before any EFT payments can be processed, thereby confirming the accuracy of the provided information and their consent to the designated fund withdrawals. The completed EFT form authorizes TrueCommerce to automatically withdraw payments from the customer's bank account.
Following is an image of the TrueCommerce EFT Authorization form:
IMPORTANT NOTE:
Be sure to add TrueCommerce as an approved vendor in your positive pay file using the bank code 125-1774791.
EFT forms are legally binding agreements. It is crucial to ensure the accuracy of the information provided.
Why do I need an EFT Authorization Form?
Following are some reasons why you might need to request and submit the TrueCommerce EFT Authorization form:
Manage your finance: By authorizing the TrueCommerce bank code in the form, you have control over any funds being withdrawn, allowing for better finance management.
Flexibly update your bank details: If your banking details change, you can easily update or revoke your previously authorized agreements by submitting a new form. This flexibility makes it simple to keep your financial arrangements current.
Simplify the payment process: Automatic withdrawals reduce the risk of late payments and eliminate debit blocks, thus helping you fulfill financial commitments on time.
Minimize the risk of errors: By authorizing payments through a secure documented procedure, you can ensure that funds will only be withdrawn as per your consent. This minimizes the risk of mistakes or fraudulent activities regarding your funds.
How to Sign up for Automatic EFT Withdrawals
1. Complete the TrueCommerce EFT Authorization form.
Obtain the most current TrueCommerce EFT Authorization form by emailing [email protected].
Fill out the form with your details.
IMPORTANT NOTE:
Be sure to enter the legal business name of your entity and your banking institution.
Your signature on the form signifies your authorization for TrueCommerce to initiate electronic withdrawals from the bank account provided.
Always double-check for any omissions or typos that could impact the process or result in misdirected funds.
2. Return the completed Authorization form to TrueCommerce.
Email the completed form to [email protected].
Once your form has been reviewed and processed, you will receive an email confirmation to verify that your account has been properly set up for automatic EFT withdrawals.
Best Practices:
Ensure that sufficient funds are available in the account on scheduled withdrawal dates to avoid overdraft fees.
Always keep a copy of the completed form for your records for future reference.
It is always good practice to follow up on your request.
rev. 7/18/2025