A Transfer of Funds Authorization Form is used to move a portion of your group’s balance to another group or department for the purpose of supporting an event or program.
A Transfer of Funds Authorization Form is used to authorize a transfer of funds from one bank account to another.
Mark the appropriate box that determines the type of fund transfer. You may select:
Enter the account number of the source of the funds.
Enter the account name of the source of the funds.
Enter the account number where the funds will be transferred to.
Enter the account name where the funds will be transferred to.
Bank Routing Information, if applicable
Enter the name of the bank.
Enter the address of the bank.
Enter the bank routing number.
Amount of Funds to be transferred
Enter the amount of funds to be transferred in words and in numbers.
Enter additional notes regarding the transfer of funds, if applicable.
Or Quantity and Description of Securities to be transferred
Enter the quantity and description of securities to be transferred.
Signature above Printed Name
Enter your full name and affix your signature above it.
Enter the date the form was signed.
You have total control of your money
By using a Transfer of Funds Authorization Form, you have the power to release the money to the receiver or not. It ensures your safety from possible frauds and scams that may occur. When you do not authorize a fund transfer, the bank will not release any money from your account. The only way possible for the other party to receive money is when you already gave authorization. As the owner of the funds, you should know the right time to grant authorization.
You know where your money is going to
By using the Transfer of Funds Authorization Form, you'll be able to gather information about the destination of your funds. It means that upon writing the document, you know to whom you will be sending money and the bank to be used by the receiver. It gives you a chance to verify the information if the receiver is trustworthy or not.
There are a lot of ways to transfer money securely. Here are some reminders on how to securely transfer funds:
Trust only the people you know
Sending money to someone you only met online or whom you do not know personally is not a good idea. Be cautious of social media posts that offer help to grow your money quickly. Do not believe people who describe themselves as online brokers via texts, emails, or direct messages; these could be investment frauds. When you become a victim, you will lose your money.
Verify information first before sending money
Make sure to verify if the request is legitimate. Fraudsters may impersonate someone you know who needs money immediately due to an alleged tragedy or terrible situation to scam you. In case this happens, contact the person in need through other channels. For example, If you received a request via a Facebook message, call them to confirm that they are seeking financial support. Before giving donations, you might also phone or ask other family members or acquaintances to ensure that the situation is indeed an emergency.
Be careful with your purchases online
Due to the rising demand for online shopping, fake online sellers have also increased. Before placing an order and sending your payment, be sure that you're buying from a trustworthy seller. In case you have become a victim of fraud or a scam, you may report your situation to the authorities by filing a proper complaint.
Follow bank procedures
For safe and secure fund transfers, follow only the guide provided by your trusted bank. Verbal instructions should not always be trusted. Some might try to tell you steps in transferring funds, but their true motive is to mislead you. Your trusted bank provides instructions that guarantee your safety in every transaction.
Check payment details and secure personal information
Before finalizing your fund transfer, double-check the spelling of the recipient's name and the amount. Information errors can cause delays and conflicts in your transactions. Moreover, take care of your personal information. Do not share your bank information, such as your card and authentication information.
Keep in touch
You should keep a transparent transaction regardless if you are the sender or the recipient. If you're the sender, make sure the receiver is up to date with the status of your fund transfer. If you are the recipient, please inform the sender if you have already received the funds transmitted for the sake of transparency.
In filing the transfer of funds authorization form, remember the following:
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