Where can a Cinch I.T. franchisee designate an alternative day for electronic fund transfers?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
CINCH FRANCHISE, LLC Franchise Agreement April 30, 2024
ADDENDUM F TO FRANCHISE AGREEMENT ELECTRONIC FUNDS TRANSFER (EFT) AUTHORIZATION AGREEMENT FOR DIRECT PAYMENTS
I (We, if joint account) the undersigned hereby authorize Cinch Franchise, LLC, a limited liability company, with principal offices at 27 West Mountain Street, Worcester, Massachusetts 01606, to initiate electronic transfer of funds out of my (our) primary Checking or Savings selected below at the Financial Institution indicated, for payment of Royalties or other amounts which I may owe Cinch Franchise, LLC. I (We) acknowledge that the origination of Automated Clearing House (ACH) transactions to my (our) account must comply with the provisions of the United States law. All costs and expenses, including any resulting from the dishonor by my (our) bank of any electronic funds transfer, shall be my (our) sole responsibility. This authorization is irrevocable and shall remain in effect until the termination or expiration of the underlying Franchise Agreement with Cinch Franchise, LLC. If I (we) do not have enough money in my (our) account to cover the transfer or if my (our) Financial Institution for any other reason refuses to honor a transfer, I (we) will separately pay for the charges I (we) owe under my (our) Franchise Agreement with Cinch Franchise, LLC**.**
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, Addendum F to the Franchise Agreement is the Electronic Funds Transfer (EFT) Authorization Agreement for Direct Payments. This addendum authorizes Cinch Franchise, LLC to initiate electronic transfers of funds from the franchisee's primary checking or savings account for royalties or other amounts owed to Cinch I.T.
The agreement stipulates that the franchisee must comply with United States law regarding Automated Clearing House (ACH) transactions. The franchisee is responsible for all costs and expenses, including those resulting from dishonored electronic fund transfers. The authorization remains in effect until the termination or expiration of the Franchise Agreement.
The document does not specify a method for designating an alternative day for electronic fund transfers. It only outlines the authorization for Cinch I.T. to initiate these transfers. A prospective franchisee should inquire with Cinch I.T. about the possibility of arranging an alternative payment date and the procedure for doing so.