Direct Debit Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Direct Debit Authorization Form

"Need a Direct Debit Authorization Form for our Singapore telecom company that allows variable monthly payments with a maximum cap of $500, including both English and Mandarin versions to cater to our diverse customer base."

Document background

The Direct Debit Authorization Form is a crucial document in Singapore's financial ecosystem, designed to facilitate automated payment arrangements. This form is commonly used when establishing recurring payment relationships between businesses and customers, or for regular bill payments. It complies with Singapore's Payment Services Act and MAS regulations, containing necessary account details, authorization clauses, and terms governing the direct debit arrangement. The form serves as both a legal authorization and a record of the account holder's consent for automated fund transfers.

Suggested Sections

1. Account Holder Information: Personal/company details of the account holder including name, address, contact information, and identification details

2. Bank Account Details: Bank name, branch code, account number, and other relevant banking information

3. Authorization Declaration: Explicit authorization statement for direct debit arrangement including scope and purpose of authorization

4. Terms and Conditions: Standard terms governing the direct debit arrangement including payment terms, notifications, and liability

5. Signature Block: Space for account holder's signature, date, and witness details if required

Optional Sections

1. Payment Schedule: Details of payment frequency and amounts - used for fixed payment arrangements

2. Variable Amount Declaration: Additional authorization for variable amounts - required when payment amounts may vary

3. Electronic Consent: Additional section for electronic authorization - used when form is completed digitally

Suggested Schedules

1. Payment Schedule Table: Detailed breakdown of payment dates and amounts if applicable

2. Bank Terms and Conditions: Standard bank terms for GIRO/direct debit services as required by the bank

3. Cancellation Form: Standard form for future cancellation of the direct debit arrangement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Utilities
Insurance
Telecommunications
Property Management

Relevant Teams

Finance
Accounts
Treasury
Compliance
Customer Service

Relevant Roles

Finance Manager
Accounts Receivable Manager
Treasury Manager
Billing Coordinator
Compliance Officer

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Let's create your Direct Debit Authorization Form

Authors

Alex Denne

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