When are EFT withdrawals initiated by Southern Steer for fees payable for the preceding week?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
EFT withdrawals will be initiated by the Franchisor on Wednesday of each Week for the Fees payable for the preceding Week or on the first of each Month for the Fees payable for the preceding Month (or such other day following the end of a payment period designated by the Franchisor pursuant to **Section 3.3[
Source: Item 22 — ITEM. 22 CONTRACTS (FDD pages 61–168)
What This Means (2025 FDD)
According to Southern Steer's 2025 Franchise Disclosure Document, the franchisor initiates Electronic Funds Transfer (EFT) withdrawals on Wednesdays for fees payable from the previous week. Alternatively, for fees payable from the preceding month, EFT withdrawals occur on the first day of each month. The franchisor can also designate another day following the end of a payment period, as outlined in Section 3.3(a).
Southern Steer franchisees must authorize these EFT withdrawals, allowing the franchisor to directly access their bank accounts for fee payments. This authorization permits the franchisor to adjust the withdrawal amount as needed to cover fees.
If a franchisee fails to provide required gross revenue reports, Southern Steer has the right to estimate the fees due and withdraw that estimated amount via EFT. This ensures that Southern Steer can still collect fees even if the franchisee does not submit the necessary reports.