Where can I find the name of the financial institution listed in the All States M.E.D. FDD?
All_States_M_E_D Franchise · 2024 FDDAnswer from 2024 FDD Document
"Electronic Depository Transfer Account" means an account established at a national banking institution approved by Franchisor and providing Franchisor with access to electronically withdraw any funds due Franchisor;
Source: Item 23 — RECEIPTS (FDD pages 44–174)
What This Means (2024 FDD)
The 2024 All States M.E.D. Franchise Disclosure Document defines an "Electronic Depository Transfer Account" as an account established at a national banking institution approved by the franchisor. However, the FDD does not list the specific name of the financial institution.
As a prospective franchisee, it's important to understand which financial institutions All States M.E.D. approves for these accounts. This is because franchisees are required to allow All States M.E.D. to electronically withdraw funds owed to them from this account.
To gain clarity, a potential All States M.E.D. franchisee should ask the franchisor directly for a list of approved national banking institutions. This will help in planning and budgeting for the franchise, as well as understanding the franchisor's financial management practices.