During the funding process, it may be required to establish a checking, savings, or credit union account with a specific lender. This gives the Company the opportunity to apply for credit with that lender. When an account is opened, a minimum deposit is required, which can range from $5 to $25 per lender.
Additional purpose of this form is to have a credit card on file that we can use for recurring monthly Virtual Office and Virtual Telephone fees of approximately $100.00 a month.
The Borrower authorizes the Company and/or its affiliates, to charge the credit card, which information is provided above, for the purposes of initial deposits to checking or savings accounts with potential lenders. The amount of lenders requiring accounts with initial deposits shall not exceed five.
**Client also authorizes the Company to charge the provided credit card for any invoices outstanding for more than seven (7) days from the initial invoice date.