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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 and signing this Agreement (electronically or otherwise), the Customer authorizes the Company to electronically credit their designated account(s) for loan disbursement, refunds, or other reimbursements. 

The Customer understands and agrees that Beehive Loans does not initiate automatic ACH debits or withdrawals from the Customer’s account. All loan repayments must be made manually by the Customer through the secure payment link or borrower portal at beehiveloans.com. 

Supported Account Types

Beehive Loans only supports ACH transfers to and from traditional checking or savings accounts held at FDIC-insured banks. We do not support debit cards, prepaid cards, cash app accounts, Chime, Walmart MoneyCard, or any other non-traditional banking services. The Customer must maintain a valid traditional checking or savings account to receive loan funds and make payments. 

Definitions

  • Company: Beehive Collections LLC dba Beehive Loans. 
  • Customer: The borrower providing payment details and authorizing transactions.
  • Credit: Electronic transfer of funds into the Customer’s account. 
  • Payment Information: Banking details provided by the Customer. 
  • Secure Payment Link: The unique, secure payment link provided by the Company for making manual payments.
  • Manual Payment: Any payment submitted by the Customer through the secure payment link or borrower portal.

Authorization

The Customer expressly authorizes the Company to credit their designated account electronically for the initial loan disbursement, refunds, or other reimbursements as applicable. 

The Customer is solely and fully responsible for making all repayments on or before the due date by using the secure payment link, logging into the borrower portal at 

https://app.beehiveloans.com/user/login, maintaining sufficient funds in their bank account, and updating their payment information immediately if it changes.

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 must be sent to [email protected] or mailed to 5383 S 900 E #202, Salt Lake City, UT 84117. 

Consequences of Revocation

  • All future payments must still be made manually. 
  • The Customer will immediately become ineligible for any future loan advances or renewals.
  • Revocation does not relieve the Customer of any outstanding obligations, fees, or accrued charges.

Failed, Returned, or Late Payments

If any manual payment is declined, returned, rejected, or not received by the due date for any reason (including insufficient funds or closed account), the Customer will be charged a Returned Payment / NSF Fee of up to $35.00 per occurrence and a Late Payment Fee of $15.00. The Customer remains fully responsible for the original payment amount plus all fees and must immediately submit a new successful payment. 

Fees

The Customer acknowledges and agrees to the following fees: 

  • Returned Payment / NSF Fee: Up to $35.00 per failed or returned payment.
  • Late Payment Fee: $15.00 per late payment. 
  • Payment Processing Fee: 3.5% of the payment amount + $0.25 per transaction. This fee covers all ACH-related costs, including sending loan funds (ACH Credit), receiving payments, and batch processing. 

 

All fees are in addition to the original payment amount, are immediately due, and are non-refundable. 

Customer Obligations & Representations

The Customer represents and warrants that they will maintain a valid, active traditional checking or savings account with sufficient funds on all due dates and will not initiate any stop-payment orders or otherwise interfere with successful payment processing. Failure to pay on time may result in the full balance becoming immediately due and payable. 

Limitation of Liability & Indemnification

The Company shall not be liable for any indirect, incidental, consequential, or punitive damages arising from this Agreement. The Customer agrees to indemnify and hold the Company harmless from any claims, losses, damages, or expenses resulting from the Customer’s breach of this Agreement or failure to make timely payments. 

Policy Updates and Notice of Changes

The Company may amend this Agreement at any time. Notice of changes will be sent to the Customer’s email on record. Continued use of the portal or acceptance of any loan constitutes acceptance of the revised terms. 

Term & Termination / Governing Law

This Agreement remains in effect until terminated by either party. Termination does not relieve the Customer of any outstanding balance, fees, or obligations. This Agreement shall be governed by the laws of the State of Utah. 

Severability

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