The Authorization Agreement for Automatic Deposits serves as a crucial document for establishing automated deposit arrangements within the Indonesian banking system. This agreement is essential when setting up recurring deposits, salary payments, or other regular fund transfers, ensuring compliance with Indonesian banking regulations, including Bank Indonesia Regulation No. 19/12/PBI/2017 and the Electronic Information and Transactions Law. The document outlines the authorization scope, security protocols, processing parameters, and party obligations, making it particularly relevant for businesses implementing automated payment systems or individuals setting up regular deposit arrangements. It includes necessary provisions for consumer protection, data security, and electronic transaction validity under Indonesian law.
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1. Parties: Identification of the account holder (authorizing party) and the financial institution
2. Background: Brief context explaining the purpose of the automatic deposit arrangement
3. Definitions: Key terms used throughout the agreement including 'Automatic Deposit', 'Designated Account', 'Business Day', etc.
4. Authorization: Express authorization from the account holder for automatic deposits, including scope and nature of the authorization
5. Account Details: Specification of the accounts involved in the automatic deposit arrangement
6. Timing and Frequency: Details of when deposits will occur and their frequency
7. Processing of Deposits: How deposits will be processed and credited to the account
8. Bank's Rights and Obligations: Responsibilities and obligations of the financial institution
9. Account Holder's Rights and Obligations: Responsibilities and obligations of the account holder
10. Security Measures: Security protocols and measures to protect the automatic deposit process
11. Fees and Charges: Any applicable fees or charges related to the automatic deposit service
12. Term and Termination: Duration of the agreement and conditions for termination
13. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
1. Multiple Account Provisions: Additional provisions for cases where multiple accounts are involved in the automatic deposit arrangement
2. Foreign Currency Provisions: Special provisions for automatic deposits involving foreign currencies
3. Joint Account Provisions: Additional terms for joint account holders
4. Special Instructions: Any special handling instructions or requirements for specific types of deposits
5. Electronic Notification Settings: Optional provisions for electronic notifications and alerts regarding deposits
6. Force Majeure: Provisions dealing with circumstances beyond parties' control affecting the automatic deposit service
1. Schedule A - Account Details: Detailed information about all accounts involved, including account numbers, branch details, and routing information
2. Schedule B - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule C - Deposit Schedule: Detailed timeline and frequency of automatic deposits
4. Appendix 1 - Required Documentation: List of required supporting documents for setting up automatic deposits
5. Appendix 2 - Technical Requirements: Technical specifications and requirements for electronic processing
6. Appendix 3 - Contact Information: Contact details for both parties including emergency contacts and technical support
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