Pre Authorized Deposit Form

Pre Authorized Deposit Form Template for Philippines

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Key Requirements PROMPT example:

"I need a Pre Authorized Deposit Form for our company's monthly payroll processing starting January 2025, covering automated salary deposits for 200+ employees across multiple bank accounts, with specific provisions for overtime and bonus payments."

Document background

The Pre-Authorized Deposit Form is a crucial banking document used in the Philippine financial sector to facilitate automated and recurring transactions. This form is essential when establishing standing arrangements for regular deposits, automatic bill payments, or recurring transfers between accounts. It serves as a formal authorization from the account holder to their bank, allowing specific automated transactions while protecting both parties' interests under Philippine banking regulations. The document must comply with various regulatory requirements, including the General Banking Law of 2000, BSP circulars on electronic banking, and the Data Privacy Act. It's commonly used by businesses for payroll processing, regular vendor payments, or recurring collections, and by individuals for automatic bill payments or investment contributions.

Suggested Sections

1. Account Holder Information: Details of the account holder including full name, account number, contact information, and valid ID information as required by BSP regulations

2. Authorization Details: Specific authorization from the account holder allowing automatic debits/credits, including transaction types and purposes

3. Transaction Parameters: Specific details about the authorized transactions including maximum amount, frequency, and timing of deposits/debits

4. Term and Validity: Duration of the authorization and conditions for renewal or termination

5. Bank Rights and Obligations: The bank's responsibilities and rights regarding the pre-authorized transactions

6. Account Holder's Declarations: Customer's confirmations and acknowledgments regarding the arrangement

7. Data Privacy Consent: Explicit consent for data processing as required by the Data Privacy Act

8. Signature and Verification: Space for signatures, witnesses if required, and bank verification details

Optional Sections

1. Multiple Account Authorization: Additional section when authorization covers multiple accounts

2. Third Party Beneficiary Details: When the pre-authorized payments are meant for a third party beneficiary

3. Foreign Currency Provisions: Special provisions for foreign currency transactions if applicable

4. Joint Account Provisions: Additional requirements and authorizations for joint accounts

5. Digital Banking Provisions: Additional terms for online/mobile banking integration if applicable

Suggested Schedules

1. Schedule A - Transaction Details: Detailed breakdown of authorized transaction parameters including amounts, frequencies, and purposes

2. Schedule B - Supporting Documents: List of required supporting documents submitted with the form

3. Schedule C - Fee Schedule: Breakdown of any applicable fees for the pre-authorized deposit service

4. Appendix 1 - Terms and Conditions: Standard terms and conditions for pre-authorized deposits

5. Appendix 2 - Privacy Policy: Detailed privacy policy and data handling procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Insurance

Utilities

Telecommunications

Real Estate

Education

Healthcare

Retail

Business Process Outsourcing

Manufacturing

Professional Services

Relevant Teams

Operations

Compliance

Legal

Finance

Treasury

Customer Service

Risk Management

Corporate Banking

Retail Banking

Data Privacy

Information Security

Relevant Roles

Banking Operations Manager

Compliance Officer

Account Manager

Treasury Manager

Finance Director

Payroll Manager

Corporate Banking Officer

Risk Management Officer

Financial Controller

Branch Manager

Customer Service Manager

Legal Counsel

Data Privacy Officer

Operations Director

Chief Financial Officer

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Let's create your Pre Authorized Deposit Form

Authors

Alex Denne

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