Does Ledgers require the address of the financial institution to be provided?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
| Please complete the following with your banking information and attach a voided check: | |
|---|---|
| Company Name: | |
| Name of Financial Institution: | |
| Address of Financial Institution: | |
| Routing Number: | |
| Account Number:_ | |
| I hereby authorize Loyalty Business Services LLC and the financial institution named above to initiate entries to my checking or savings accounts as identified above in accordance with the terms of my franchise agreement and, if necessary, to initiate adjustments for any transactions credited in error. This authority will remain in effect until I notify Loyalty Business Services LLC in writing to cancel it in such time as to afford a reasonable opportunity to act on such instructions. I can stop payment of any entry by notifying the above-named financial institution at least three (3) my account is scheduled to be charged. I can have the amount of an erroneous charge immediately credited to my account for up to fifteen (15) days following issuance of my statement by the above-referenced financial institution or up to sixty (60) days after deposit, whichever occurs first. | or the above-named financial institution days before |
| Signature: | |
| Printed Name of Person Signing: | |
| Title (if any): | |
| Application Date: | |
| Telephone Number: | |
| Applicant's Address: | |
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers' 2025 Franchise Disclosure Document, Ledgers requires franchisees to provide the address of their financial institution. This information is needed to authorize Loyalty Business Services LLC to initiate entries to the franchisee's checking or savings accounts for payments related to the franchise agreement.
Along with the financial institution's address, Ledgers also requires the franchisee to provide the company name, the name of the financial institution, routing number, and account number. The franchisee must also attach a voided check to this information. This level of detail ensures that Ledgers can accurately and securely manage financial transactions with its franchisees.
By signing the authorization, the franchisee agrees to allow Loyalty Business Services LLC to make necessary adjustments for any transactions credited in error. The authorization remains in effect until the franchisee cancels it in writing, providing Ledgers a reasonable opportunity to act on the cancellation. The franchisee also has the right to stop payment of any entry by notifying the financial institution at least three days before the scheduled charge and can have erroneous charges credited back to their account within a specific timeframe.