Direct Deposit Form

Understanding the Direct Deposit Authorization Agreement

The Authorization Agreement for Direct Credit is a document provided by 360 Realty & Management to streamline the process of crediting funds directly into an individual’s bank account. This form eliminates the need for physical checks, ensuring faster, more secure transactions. Below, we’ll break down the purpose of this document, how to fill it out, and why it is beneficial.

What Is This Document?

This document serves as an agreement between the individual (property owner, tenant, or other parties) and 360 Realty & Management to allow direct deposit of funds into the individual’s designated bank account. It is a widely used method for managing payments such as rental income, refunds, or other disbursements related to property management.

Purpose of the Direct Deposit Form

The primary purposes of this form include:

  1. Efficient Payment Processing: Direct deposits enable quicker payments compared to traditional checks, ensuring recipients have access to their funds promptly.
  2. Secure Transactions: By depositing funds electronically, it reduces the risk of lost or stolen checks.
  3. Environmentally Friendly: Opting for electronic payments eliminates the need for paper checks, reducing waste.
  4. Accurate Payment Records: Direct deposit transactions create a reliable digital trail for recordkeeping and auditing.

How to Fill Out the Form

To complete the Authorization Agreement for Direct Credit, follow these steps carefully:

1. Personal Details

  • Enter the Property Address, including city, state, and zip code, to identify the property associated with the transaction.
  • Provide the Name on the Account that matches the bank’s records to avoid processing issues.

2. Bank Information

  • Specify the Bank Name where your account is held.
  • Enter the Transit Routing Number (ABA): This is a 9-digit number found on the bottom of your checks.
  • Provide your Account Number and indicate the Type of Account (Checking or Savings).

3. Tax Information

  • Include the Tax I.D. Number for the account holder(s). This ensures compliance with tax reporting requirements.

4. Signatures

  • Sign and date the form. If there are multiple account holders, both parties must sign.

5. Attach Supporting Documents

  • Attach a voided check or a copy of one of your checks (not a deposit slip) for verification. This step ensures the account details are accurate.

6. Submission

  • Return the completed form via FAX to 281-596-4370 or mail it to:
    • P.O. Box 841602, Houston, TX 77284.

Additional Notes for Office Use

The form includes a section for office use, where property managers can track details such as:

  • Unit and tenant identifiers.
  • Payment amounts.
  • Start dates for the direct deposit arrangement.

Benefits of Using Direct Deposit

  1. Convenience: Payments are deposited directly into your account, eliminating the need to visit a bank or wait for a check.
  2. Reliability: Once set up, payments are automatic, ensuring you never miss a due date.
  3. Cost-Effective: Reduces administrative costs associated with printing and mailing checks.
  4. Peace of Mind: Secure transfers reduce the likelihood of payment delays or fraud.

Contact 360 Realty & Management

The Direct Deposit Authorization Agreement is an essential tool for anyone seeking efficient and secure payment methods. By completing and submitting this form, you enable faster and more reliable financial transactions with 360 Realty & Management. For assistance in filling out the form or troubleshooting issues, contact 360 Realty & Management directly at the provided fax number or mailing address.

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