Does the Pearce Bespoke Authorization Form allow for both checking and savings accounts?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
| The undersigned depositor ("Depositor" or "Licensee") hereby authorizes Pearce Bespoke Franchising, LLC ("Licensor") to initiate debit entries and/or credit correction entries to the undersigned's checking and/or savings account(s) indicated below, and the depository designated below ("Depository" or "Bank") to debit or credit such account(s) pursuant to Licensor's instructions. Please attach a voided blank check, for purposes of setting up bank and transit numbers. |
|---|
| Depository: |
| Branch: |
| City, State Zip: |
| Bank Transit/ABA Number: |
| Account Number: |
| This authority is to remain in full force and effect until 60 days after Licensor has received written |
| notification |
| from Licensee of its termination or expiration. |
| AGREED: |
| LICENSEE: |
| [FRANCHISEE ENTITY] |
| Signature: |
| Name: |
| Title: |
| Date: |
Source: Item 22 — CONTRACTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, the Authorization Form allows for both checking and savings accounts. The document states that the franchisee authorizes Pearce Bespoke Franchising, LLC to initiate debit and credit entries to the franchisee's checking and/or savings accounts.
This means that Pearce Bespoke is authorized to make electronic withdrawals or deposits to either the franchisee's checking account, savings account, or both. This is a fairly standard practice in franchising, as it allows the franchisor to collect royalties, marketing fees, or other payments directly from the franchisee's bank account. It also allows the franchisor to make payments to the franchisee, such as rebates or refunds.
A prospective Pearce Bespoke franchisee should carefully consider the implications of this authorization. It is important to ensure that sufficient funds are available in the designated account(s) to cover any authorized withdrawals. The franchisee should also carefully review the terms of the Franchise Agreement to understand the circumstances under which Pearce Bespoke is authorized to make withdrawals from the franchisee's account(s).