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Beehive Loans

ELECTRONIC FUNDS TRANSFER (EFT) AUTHORIZATION AGREEMENT

This Electronic Funds Transfer Authorization Agreement (“Agreement”) is entered into between Beehive Collections LLC dba Beehive Loans (“Company”) and the Borrower (“Customer”).

By providing payment information, the Customer authorizes Beehive Collections LLC dba Beehive Loans to electronically debit or credit their designated account(s) in accordance with this Agreement.

Definitions

  • Company: Refers to Beehive Collections LLC dba Beehive Loans, the entity facilitating electronic payments.
  • Customer: Refers to the borrower providing payment details and authorizing transactions.
  • Debit: Refers to the electronic withdrawal of funds from the Customer’s account to the Company’s account.
  • Credit: Refers to the electronic transfer of funds into the Customer’s account.
  • Payment Information: Refers to the banking or card details provided by the Customer for electronic transactions.

Authorization

By agreeing to this authorization, the Customer permits Beehive Loans to:

  1. Debit their account electronically for loan payments as they become due.
  2. Credit their account for initial loan disbursement, refunds, or other reimbursements as applicable.
  3. This authorization remains in effect until revoked by the Customer in accordance with this Agreement.

Right to Cancel / Revocation of Authorization

The Customer may revoke this authorization by providing written notice at least three (3) business days prior to the next scheduled payment. Notice may be submitted by:

If the Customer revokes ACH authorization:

  • All future payments must be made manually through the Company’s online payment portal using their ach information.
  • The Customer will no longer be eligible for future loan advances or renewals with Beehive Loans.
  • Revocation of ACH authorization does not relieve the Customer of any outstanding obligations.

Failed Payments

If a scheduled debit is returned due to insufficient funds (NSF) or other account restrictions:

  • The Company may reinitiate the debit no more than two (2) additional times, in compliance with CFPB payday lending rules.
  • If all attempts fail, the Customer will be required to manually remit payment through BeehiveLoans.com.
  • Applicable fees, as outlined below, will be assessed.

Payment Processing and Fee Authorization

By agreeing below and authorizing ACH payments, I acknowledge and agree to the following fees (to the extent permitted by law):

  • Returned Payment / NSF Fee: $35 for any payment returned due to insufficient funds or other reasons.

Limitation of Liability

The Company shall not be liable for any indirect, incidental, or consequential damages arising from or related to this Agreement.

Indemnification

The Customer agrees to indemnify and hold the Company harmless from any claims, losses, or damages resulting from the Customer’s breach of this Agreement.

Policy Updates and Notice of Changes

The Company reserves the right to amend this Agreement, the Loan Agreement, or any related terms at any time without prior notice to reflect changes in business practices, legal requirements, or operational procedures. Notice of changes will be delivered to the Customer’s email address on record. Continued use of services constitutes acceptance of revised terms.

Term & Termination

This Agreement remains in effect until terminated by either party. Termination does not relieve the Customer of any outstanding obligations.

Governing Law

This Agreement shall be governed by the laws of the State of Utah.

Severability

If any provision of this Agreement is deemed invalid, illegal, or unenforceable, the remaining provisions shall remain in full force and effect.