What is the Cool Binz franchisee's obligation regarding signing and delivering documents for electronic funds transfer?

According to Cool Binz's 2025 Franchise Disclosure Document, a franchisee is obligated to sign and deliver documents that authorize Cool Binz to automatically debit the franchisee's business checking account each month for royalty fees. This must be done before the Cool Binz business opens. The specific document required is the electronic funds transfer (EFT) agreement, which is attached to the Franchise Agreement as Exhibit E.

The EFT agreement allows Cool Binz to charge the franchisee's account via Automated Clearing House (ACH) debit for the amount due based on the Franchise Agreement terms. The amount due may vary each month, and Cool Binz is authorized to transfer these amounts without prior notice to the franchisee. However, Cool Binz will provide an itemization of the jobs on which royalties will be assessed, along with the total royalties due.

Cool Binz will scan the COOL BINZ Software or other Required Software each month to identify changes in customer payments and compute royalties on the amount of the change. On the tenth of each month (or another designated date), Cool Binz will initiate the transfer of funds from the franchisee's designated bank account. The franchisee can terminate the EFT authorization by providing at least three days' written notice to Cool Binz International, LLC. Both Cool Binz and the franchisee agree to be bound by the operating rules of the National Automated Clearing House Association (NACHA).