What is a Closet Storage Concepts franchisee obligated to do if their banking relationship changes?

Based on the 2025 Franchise Disclosure Document, the Closet Storage Concepts franchise agreement outlines specific obligations related to advertising cooperatives, including potential bank drafts for cooperative contributions. Specifically, if a cooperative is formed, Closet Storage Concepts has the right to draft a franchisee's bank account for the advertising cooperative contribution and pass those funds on to the respective cooperative.

However, the FDD does not explicitly detail the obligations of a Closet Storage Concepts franchisee if their banking relationship changes outside of the advertising cooperative context. The agreement does not specify any required notifications or procedures related to changes in a franchisee's primary bank account used for general business operations or royalty payments.

Therefore, a prospective Closet Storage Concepts franchisee should seek clarification from the franchisor regarding the specific procedures to follow if they change banks. This inquiry should cover whether there are any notification requirements, necessary forms to complete, or potential impacts on payment methods for royalties, advertising fees, or other obligations to Closet Storage Concepts. Understanding these requirements is crucial for maintaining compliance with the franchise agreement and avoiding any disruptions in the business relationship.