Direct Credit Authorisation Form

Direct Credit Authorisation Form for Malaysia

Direct Credit Authorisation Form Template for Malaysia

A standardized banking document used in Malaysia that authorizes a bank to accept direct credit transfers into a specified account. This form, compliant with Malaysian banking regulations and the Financial Services Act 2013, enables automated payment arrangements between parties. It captures essential account holder information, bank details, and formal authorization for recurring or one-time credit transfers. The document includes necessary data protection notices in accordance with Malaysian Personal Data Protection Act 2010 and meets Bank Negara Malaysia's requirements for electronic fund transfers.

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What is a Direct Credit Authorisation Form?

The Direct Credit Authorisation Form is a fundamental banking document used in Malaysia to establish automated payment arrangements between parties. It serves as a formal authorization for banks to accept direct credits into a specified account, commonly used for salary payments, government disbursements, dividend payments, and other regular financial transactions. The form is designed to comply with Malaysian banking regulations, including requirements set by Bank Negara Malaysia and the Financial Services Act 2013. It typically includes sections for account holder details, bank information, authorization declarations, and relevant terms and conditions. This document is essential for organizations implementing electronic payment systems and individuals wishing to receive automated payments in Malaysia.

What sections should be included in a Direct Credit Authorisation Form?

1. Form Title and Reference Number: Clear identification of the document as a Direct Credit Authorisation Form with unique reference number

2. Account Holder Information: Personal details of the account holder including full name, IC number/passport number, and contact information

3. Bank Account Details: Account holder's bank name, branch, account number, and account type

4. Purpose of Authorization: Statement specifying the purpose of the direct credit arrangement

5. Authorization Declaration: Formal declaration authorizing the bank to credit payments directly to the specified account

6. Terms and Conditions: Essential terms governing the direct credit arrangement

7. Data Protection Notice: Statement on personal data collection and usage in compliance with PDPA 2010

8. Signature Section: Space for account holder's signature and date

What sections are optional to include in a Direct Credit Authorisation Form?

1. Joint Account Declaration: Additional declaration section for joint account holders when applicable

2. Corporate Authorization: Special section for corporate accounts including board resolution references and authorized signatories

3. Foreign Currency Declaration: Additional terms for foreign currency accounts if applicable

4. Employer/Payment Provider Details: Section for cases where the form is specific to receiving payments from a particular organization

5. Cancellation Terms: Optional section detailing the process for cancelling the direct credit authorization

What schedules should be included in a Direct Credit Authorisation Form?

1. Supporting Documents Checklist: List of required supporting documents to be submitted with the form

2. Bank Branch Codes Reference: Reference list of relevant bank branch codes if required by the processing bank

3. Terms and Conditions Appendix: Detailed terms and conditions that may be attached separately to keep the main form concise

Authors

Alex Denne

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

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Authorisation Form

A Malaysian legal document granting specific powers or permissions from an authorizer to an authorized representative, compliant with Malaysian contract law.

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What is a Direct Credit Authorisation Form?

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What sections are optional to include in a Direct Credit Authorisation Form?

What schedules should be included in a Direct Credit Authorisation Form?

Authors

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