Wells Fargo Advisors ACH Authorization Agreement: Everything You Need to Know
As a Wells Fargo Advisors client, you may find the need to authorize automatic withdrawals from your account. This is where an ACH Authorization Agreement comes into play.
An ACH (Automated Clearing House) authorization agreement is a legal document that authorizes Wells Fargo Advisors to withdraw funds from your account through the ACH network. This is a common practice for things like monthly mortgage payments, utility bills, and other recurring payments.
The process of setting up an ACH authorization agreement with Wells Fargo Advisors is relatively simple. You`ll need to complete the form provided by Wells Fargo Advisors and submit it for processing.
The form will require you to provide basic information such as your name, account number, and the amount you want to authorize for automatic withdrawal. You`ll also need to provide the name of the entity authorized to withdraw funds from your account.
It`s important to note that the ACH authorization agreement is a legally binding agreement. By signing the form, you`re agreeing to allow Wells Fargo Advisors to withdraw funds from your account as specified. This means that you`ll need to ensure that you have adequate funds in your account to cover the authorized withdrawals.
If you need to cancel or modify your ACH authorization agreement, you`ll need to submit a new form to Wells Fargo Advisors. It`s important to keep track of any changes you make to your authorization agreement to ensure that your account is properly managed.
One thing to keep in mind is that ACH transactions can take a few days to clear, so be sure to authorize withdrawals well in advance of the due date to avoid any potential late fees.
In summary, setting up an ACH authorization agreement with Wells Fargo Advisors can be a convenient way to manage your recurring payments. Just be sure to read the agreement carefully before signing and to keep track of any changes you make in the future.
