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Client Settlement Account
We will open a Settlement Account with Bank of the West for you. The purpose of this account is to accumulate funds with which to settle your debts. Every month we will transfer funds electronically from your home bank account to your settlement account. The amount of monthly transfer is specified in your Application for Service and the Bank Authorization form. This settlement is your account. It is in your name. However, the bank will not issue checks or an ATM card for this account. If you need funds back out of this account contact Customer Service. We can have the funds sent back to you electronically.
The Power Attorney form you sign as part of our program authorizes us to receive balance and transaction reports from Bank of the West. This arrangement is very important to the success of the program. With the funds in this settlement account they will accumulate sufficiently for us to be able to settle your accounts. Because we're getting daily updates from the bank, you are able to view your settlement account statements online at the TDS client website by clicking "Client Services" and then "Settlement Account." (For web version make this a link) We can start negotiating settlements as soon as the funds are available in your settlement account.
Opening the Account
As soon as your enrollment is complete you must fill out the BANK Signature Card and Power of Attorney forms and send us the completed originals. Please note that a faxed copy of the signed documents in not sufficient. We must have the ORIGINALS. We cannot open your Settlement Account or begin servicing you without these original documents. If we do not receive them within a reasonable amount of time following enrollment, we may be forced to withdraw our services. You may download and print these documents from the client website. To do so click "Program Documents" and then click on the one you need, "Signature Card", for example. The Signature Card will open up and you can then print it by clicking the print button on your browser.
Account Statements
Bank of the West will mail you monthly statements for your settlement accounts. As with all bank statements, they will list all transactions and balances for that account. You may also view this information online at the TDS client website by clicking "Client Services" and then "Settlement Account."
TDS will also send you monthly statements listing all fees billed and collected by TDS as per the Application for Service. This information may also be viewed on the client website.
Adjusting or Suspending Monthly Deposits
If you have extra money to add to your settlement account, the fastest way to get the money into your settlement account is to do it via our Customer Service Department. Simply send us a letter, fax, e-mail or customer service request letting us know the amount and the date it will be available and we will schedule the transfer of funds from your home account to your settlement account at Bank of the West. For your protection we do not accept such requests over the phone. You may also mail extra funds to the bank.
If you experience any additional financial setbacks during this program, you may request that we adjust or temporarily stop a monthly deposit into their Settlement Accounts. Adjustments can include changing the amount of the deposit, the deposit date or both. For your protection, we require that all such requests are made in writing by letter, fax, e-mail or online request form from our client website. We must receive such requests at least 1 WEEK prior to the scheduled deposit date. TDS will make every effort to accommodate your needs but cannot promise adjustments will be made on time if the request is received less than 1 week prior to the scheduled deposit date.
In extreme circumstances, you may request to have some of the balance in your settlement account returned to you. These requests must be made in writing by letter, fax, e-mail or online request form from our client website. TDS will facilitate the transfer of funds between your settlement account and your account in your hometown. Any funds returned to you will extend the length of your settlement program.
TDS discourages both delaying deposits and return of funds from the settlement account as much as possible. These delays will lengthen the amount of time needed to get you out of debt. This can increase the amount of stress involved in completing the program as well. For this reason, our Customer Service staff is trained to ask you for details about your requests and the reason(s) for them. They will ask you to come up with ideas as to how the funds can be made up so you can get back on schedule for getting out of debt. Please understand that it is their job to get you through the program on or ahead of schedule.
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