Is there a limit to the number of debit or credit entries Pearce Bespoke can initiate?
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. |
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| 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. |
Source: Item 22 — CONTRACTS (FDD page 39)
What This Means (2025 FDD)
According to the 2025 Pearce Bespoke Franchise Disclosure Document, as a franchisee, you authorize Pearce Bespoke Franchising, LLC to initiate debit and/or credit correction entries to your checking and/or savings account. The depository bank is also authorized to debit or credit such account(s) based on Pearce Bespoke's instructions. The agreement remains effective until 60 days after Pearce Bespoke receives written notification of termination or expiration from the franchisee.
This authorization allows Pearce Bespoke to manage financial transactions directly from the franchisee's account, which could include fees, royalties, or other payments owed to the franchisor. The FDD does not specify a limit to the number of debit or credit entries Pearce Bespoke can initiate.
As a prospective franchisee, it is important to understand the frequency and amounts of these transactions. It would be prudent to discuss with Pearce Bespoke the typical number of debit/credit entries per month or year, and under what circumstances these entries are made, to ensure proper financial planning and avoid any unexpected deductions. You should also clarify the procedure for disputing any debit or credit entries and the recourse available if discrepancies arise.