Where must the designated bank account for a Beggars Pizza franchise be located?
Beggars_Pizza Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisee must maintain a designated bank account for the operation of the Beggars Restaurant.
Franchisee must deposit all revenues from the operation of the Beggars Restaurant in such bank account within two (2) days of receipt including, without limitation, cash, checks, credit card receipts, or the value of other forms of payment.
The designated bank account must be located within the United States and governed by its laws.
Source: Item 23 — RECEIPT (FDD pages 39–192)
What This Means (2025 FDD)
According to Beggars Pizza's 2025 Franchise Disclosure Document, a franchisee must maintain a designated bank account for the operation of their Beggars Restaurant. All revenues from the restaurant's operation, including cash, checks, and credit card receipts, must be deposited into this account within two days of receipt.
Crucially, this designated bank account must be located within the United States and governed by U.S. laws. This requirement ensures that the funds are accessible and subject to legal oversight within the country.
Furthermore, upon signing the franchise agreement, the franchisee must provide the bank and account number, along with a voided check, and authorize the supplier to withdraw funds via EFT for all payments due. The franchisee is also responsible for all costs associated with these transfers. Failure to maintain this account or provide necessary information constitutes a breach of the agreement.