Electronic Funds Transfer (Eft) Authorization Agreement - Arizona

Electronic Funds Transfer (Eft) Authorization Agreement is a legal document that was released by the Arizona Health Care Cost Containment System - a government authority operating within Arizona.

FAQ

Q: What is an Electronic Funds Transfer (EFT) Authorization Agreement?
A: It is an agreement that allows for automatic payments or deposits to be made electronically from one bank account to another.

Q: Why would I need an EFT Authorization Agreement?
A: You may need it to set up automatic payments for bills or to receive direct deposits of income.

Q: Is an EFT Authorization Agreement legally binding?
A: Yes, once you sign the agreement, it becomes legally binding.

Q: Can I cancel an EFT Authorization Agreement?
A: Yes, you can cancel the agreement at any time by notifying your bank or the party you authorized to make the transfers.

Q: Are there any fees associated with EFT transactions?
A: Some banks or service providers may charge fees for EFT transactions. It's important to check with your bank or service provider to understand any applicable fees.

Q: How long does it take for an EFT transaction to process?
A: Typically, EFT transactions process within a few business days, but it may vary depending on the involved banks or service providers.

Q: Is my personal and financial information secure with EFT transactions?
A: EFT transactions are generally considered secure, but it's important to ensure the parties involved follow proper security protocols to protect your information.

Q: Can I set up multiple EFT authorizations with different accounts?
A: Yes, you can set up multiple EFT authorizations with different accounts as long as the parties involved accept such arrangements.