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Preauthorized Debit Form

Preauthorized Debit Form Template for New Zealand

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Key Requirements PROMPT example:

Preauthorized Debit Form

"I need a Preauthorized Debit Form for my property management company in Auckland to set up monthly rent collections of NZD 2,500, starting from March 1, 2025, with clear provisions for annual rent adjustments."

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Document background
The Preauthorized Debit Form is a fundamental financial instrument in New Zealand's banking system, designed to facilitate recurring payment arrangements between parties. This document is essential when establishing automatic payment schedules for various services, subscriptions, or financial obligations. It must comply with New Zealand's banking regulations, including the Credit Contracts and Consumer Finance Act 2003 and the Reserve Bank of New Zealand Act 2021. The form captures crucial information such as bank account details, payment schedules, and authorization provisions, while incorporating necessary consumer protections and privacy considerations. It serves as a legal record of the account holder's consent to regular automatic withdrawals and outlines the terms under which such withdrawals may occur.
Suggested Sections

1. Account Holder Details: Personal information of the account holder including full name, contact details, and address

2. Bank Account Information: Details of the bank account to be debited, including bank name, branch, account number, and account type

3. Payment Details: Specifics of the payment arrangement including amount, frequency, and start date

4. Payee Information: Details of the organization/entity receiving the payments, including their bank account information

5. Authorization Statement: Clear statement of authorization for the direct debit arrangement

6. Terms and Conditions: Standard terms governing the direct debit arrangement, including rights and responsibilities of both parties

7. Cancellation Rights: Information about how and when the account holder can cancel the direct debit

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

Optional Sections

1. Variable Payment Authorization: Additional authorization section for arrangements where payment amounts may vary

2. Joint Account Declaration: Required when the bank account is jointly held, requiring additional authorization

3. Service Reference: Reference numbers or identifiers related to the service being paid for

4. Direct Debit Guarantee: Optional but recommended section outlining the customer's rights under the direct debit system

5. Payment History Authorization: Optional section for authorizing access to payment history information

6. Alternative Contact Details: Secondary contact information for urgent communications or backup contact

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates and amounts if fixed schedule is applicable

2. Schedule B - Terms and Conditions: Detailed terms and conditions of the direct debit arrangement if too lengthy for main document

3. Appendix 1 - Bank Account Validation Form: Additional form required by some banks for account verification

4. Appendix 2 - Identification Requirements: List of acceptable identification documents for account verification purposes

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Property Management

Subscription Services

Education

Healthcare

Professional Services

Retail

Non-Profit Organizations

Government Services

Relevant Teams

Finance

Accounts Receivable

Legal

Compliance

Customer Service

Operations

Risk Management

Treasury

Payment Processing

Client Relations

Credit Control

Relevant Roles

Finance Manager

Accounts Receivable Officer

Billing Coordinator

Compliance Officer

Financial Controller

Customer Service Representative

Banking Relations Manager

Credit Controller

Operations Manager

Contract Administrator

Legal Counsel

Risk Manager

Treasury Analyst

Payment Services Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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