The Direct Credit Authorisation Form is an essential banking document used in Hong Kong's financial system to facilitate automated credit transfers. It is commonly used when setting up regular incoming payments such as salary deposits, pension payments, dividend distributions, or other recurring credits. The form must comply with Hong Kong banking regulations, including the Banking Ordinance (Cap. 155) and the Personal Data (Privacy) Ordinance (Cap. 486). It typically contains the account holder's personal information, bank account details, authorization declarations, and relevant terms and conditions. This document is particularly important for businesses and individuals seeking to establish efficient, secure, and automated payment arrangements within Hong Kong's banking framework.
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1. Bank Information: Details of the receiving bank, including bank name, branch, and SWIFT code
2. Account Holder Information: Full name, identification details, and contact information of the account holder
3. Account Details: Bank account number, account type, and currency
4. Payment Details: Frequency of payments, payment amount (fixed or variable), and effective date
5. Authorization Declaration: Express authorization from account holder to process direct credits
6. Data Privacy Statement: Statement on collection and use of personal data as per PDPO requirements
7. Signature and Date: Space for account holder's signature and dating of the form
1. Joint Account Declaration: Additional declaration required when the account is jointly held
2. Third Party Authorization: Section required when the authorization is being set up by someone other than the account holder
3. Foreign Currency Declaration: Additional terms for foreign currency transactions if applicable
4. Amendment/Cancellation Terms: Section detailing how to modify or cancel the authorization
5. Electronic Submission Declaration: Additional declarations required for electronic submission of the form
1. Terms and Conditions: Standard terms and conditions governing the direct credit arrangement
2. Fee Schedule: List of applicable fees and charges, if any
3. Required Documents Checklist: List of supporting documents required for processing the authorization
4. Bank Contact Information: List of relevant bank contact details for queries or support
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Retail
Manufacturing
Technology
Professional Services
Education
Healthcare
Real Estate
Insurance
Telecommunications
Public Sector
Relevant Teams
Finance
Human Resources
Payroll
Treasury
Compliance
Legal
Operations
Banking Operations
Corporate Services
Customer Service
Relevant Roles
Finance Manager
Payroll Officer
Human Resources Director
Banking Operations Manager
Compliance Officer
Treasury Manager
Accounts Payable Manager
Financial Controller
Company Secretary
HR Administrator
Pension Administrator
Banking Relationship Manager
Corporate Services Manager
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