Who is responsible for the bank fees associated with the Southern Steer franchisee's EFT payments?

According to Southern Steer's 2025 Franchise Disclosure Document, the franchisee is responsible for all bank fees associated with their EFT payments of fees to Southern Steer. This means that any charges imposed by the franchisee's bank or financial institution for processing the electronic funds transfers will be borne by the franchisee.

This is a fairly standard practice in franchising, as franchisees are generally responsible for managing their own banking relationships and associated costs. It is important for prospective Southern Steer franchisees to factor in these potential bank fees when budgeting for their ongoing operating expenses. The amount of these fees can vary depending on the bank and the volume of transactions.

Furthermore, the FDD states that it will be a default under the agreement if the franchisee fails to maintain a sufficient account balance to cover the fees or closes the designated account without providing new account information to Southern Steer. This underscores the importance of franchisees carefully managing their accounts to ensure timely payment of fees and avoid potential penalties or default situations.