Under what condition can the Authorization Agreement Automatic Deposits with Fly Fitness be terminated?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
[Item 22: CONTRACTS]
AUTHORIZATION AGREEMENT AUTOMATIC DEPOSITS (ACH WITHDRAWALS)
Franchisor Name: Fly Fitness Franchise, L.L.C.
I (We) hereby authorize Fly Fitness Franchise, L.L.C., hereinafter called Franchisor, to initiate debit entries to my (our) Checking Account/Savings Account (Select One) indicated below at the depository financial institution named below, and to debit the same to such account. I (We) acknowledge that the origination of ACH transactions to my (our) account must comply with the provisions of U.S. Law, and that I will be responsible for any banking fees that my institution charges.
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the document includes an Authorization Agreement for Automatic Deposits (ACH Withdrawals). This agreement authorizes Fly Fitness Franchise, L.L.C. to initiate debit entries to the franchisee's Checking or Savings Account at their financial institution.
The document states that the origination of ACH transactions must comply with U.S. Law. The franchisee is responsible for any banking fees charged by their institution.
The excerpt does not specify the conditions under which the Authorization Agreement can be terminated. A prospective franchisee should inquire with Fly Fitness about the specific procedures and conditions required to terminate the Authorization Agreement for Automatic Deposits.